I just formatted my PS3's hard drive(Restored the PS3 system) and now I'm getting a screen that says it cannot run the software. Says to connect storeage media etc.
I did such and it's a fat32 USB but it keeps saying "No applicable update data was found" I also made sure it was in folders"PS3"->"UPDATE"
What version is the System update file? Did you just download it from the web site, or did you have it on your PC already? The PS3 will not install a System update that is an earlier version than the last System update that was installed.