Really simple fix everyone! Forget about deleting save data or disabling HDMI. You have to go to System Settings and turn off Control for HDMI on the PS3 settings. I have a slim ps3 with the same hard resetting white screen on a 1080P HD TV. I decided to turn off the setting mentioned above out of curiosity, and when I selected Elite from the XMB, it worked with update 4.02!