I have this same problem. I can play every game I own, however, i can neither look at my profile nor earn any more trophies. This issue is causing much greif and I wish Sony would expedite their attempts at a resolution.
There is a way to bypass that! I was having problems with my system not loading discs and had to go to the recovery menu and activate the restore factory settings. It wiped out "DEAD SPACE" on me, but I went back and signed into the PS Network and it restored the trophies, but then it wouldn't load my save because it couldn't find downloadable content. I went back to the playstation store and checked my downloaded items and just had to download them and install them again.... Voila!
i got a new error after changing the password ,,i lost everything ..trophyes, friends,downloaded games ....this is unacceptable ,,SONY we need an update to fix this mess ,,,not our problem but yours.....the new error (80029515)
i have the same promblem with my ps3 and i really do think they should do something about it cause im not going to keep wiping out my system every time the error happens