I had the problem yesterday and the error 8002F310 which caught the install in a loop. After trying everything and speaking to Sony I had to format my drive and install the update via USB Stick. I was just lucky that I installed Playstation Plus or I would have lost everything.
If you have problems and your only choice is to Format I can run you through the process.
This "issue" has been around forever. The safest thing you can do when updating is DO NOT do it from the ps3, do it from a USB or removable media device. When you install a new update it is just like flashing the bios of a PC, if anything goes slightly wrong (power flux, hdd hiccup, corrupted file etc) you are screwed. This error is showing up to prevent the install from happening due it the conditions not being right for the flash process.