Just wanted to reply with a quick comment. While updating my CFW PS3, I ran into this error code. It ended up being the power connector to the Blu-ray drive had become disconnected. I had the top cover still off the console as I had just finished modding this one (I mod these systems as a small side business. I mod Nintendo 3ds/2ds/wii/wii u, Sony ps3, and xbox 360).
Didn't know where to even start when I read this error is a general hardware issue. I thought I had screwed something up during the process, even though I had perfect success reading/writing to the nor chip. It ended up being something hilariously obvious. SUPER THANKFUL for this thread!