I am having same issue on my ps3 mp faction.Try this temporary fix and see if it works for you folks too.When entering faction section quickly press or hold PS home button and after a while let it read the disc a while and then again come back to game screen and then press or hold PS home button in order to read the disc.Remember to press ps home button twice and then go back to game screen and it will be connected to faction section.It will prompt you that you have been disconnected from Facebook just press circle and njoi MP !!!
Ok .. so that worked I can now get into faction but when it kicks off the game it gets stuck on the loading screen and eventually kicks me with a lost connection to host message. Bern like this now for a week. I paid good money for the game ... and now it can't be played online. I am sick Sony's *bleep*