Looks like Sony is finally beginning to roll out it’s restoration to the PSN network in the US and Europe. On the Sony Playstation blog it is said that it may take several hours to restore PSN account throughout the entire country and that now you can only change your password through the PS3 that you own or through an validation email. PSN account holders must download a new 3.61 firmware to change their password.
After being activated, owners will be able to access functions like Hulu, Netflix, and MLB.tv also trophies, chatting and your friends list will be up although the Playstation Store access will be opened up later on.
Here is a video of Kazuo Hirai explaining the situation: