Industry standard not so secure
Noticeably absent from Sony's update was the status of passwords used to log in to the PlayStation Network. Industry practices dictate they should never be stored in clear text, but rather should be run through a one-way cryptographic hash algorithm, which converts each string in plaintext to a unique set of characters that can never be reversed.
In practice, a lot of them can be reversed by offline brute force. If one restricted oneself to trying to crack weaker passwords: lower case, 8 characters or less (which is a significant subset of normal users), and assuming a 20 byte hash value (sha1 for instance, expressed as an integer rather than a string). A quick back-of-an-envelope calculation tells me you can build a look up table of hashes of all possible combinations of this on slightly over 6TB of disk space, which can be had easily for ~£250.
Lower case and digits, 8 chars, needs about 82 GB, which if you're able to access other people's servers, is also attainable, and in a few years can be expected to become financially viable on your local machine.
From the point of view of users, the conventional wisdom of 'choose a password that even someone who knows you couldn't guess', is superseded by 'choose a long password, that you can remember, because threat comes from people who don't know you'. Your friends might guess that your password is mrmugginsthecat, but a lower case look up table for up to 15 characters would require 6.28E22 bytes, which will not be viable for the forseeable future.