First off, the ps3 uses a proprietary format. Formatting in your pc is a waste of time. Use the link provided to download the newest firmware to your computer, then copy it to a USB drive that has been formatted to fat32.
Make sure to create the folder structure and fold names exactly as described in these instructions. The folder names are case sensitive, so use all upper case.http://us.playstation.com/support/systemupdates/ps3/pc_update/index.htm