The bug occured to me today. PS3 40gig Version.
It started normally and loaded the pictures at the start, but when the screen gets black and your savegame is loaded, nothing happens anymore. Tried several times, only way to get back is to switch the console off.
Then i tried the game without internet connection and it worked fine again. I tried to switch the WLAN Access Point on during playing, immediately after i did this, the game freezed.
Now i tried to remember what i did before, because the game was running fine the first day. And i remembered, that i had saved the game once manually.
Then i deleted the savegame i made and the only savegame left was the autosave game. I fired up GTA with the autosave game only and it works even WITH Internet Connection. So the Problem seems to be related to the Internet Connection, but also has something to do with the savegames.