Even worse, it seems that the only way to get out of such a situation is an old-fashion restart.

Popularmechanics reports that Altair (the main character of the game) has a tendency of remaining stuck right in the middle of a jump. From that moment on, the game just froze and the player was only able to move the camera. Upon further investigation, it turned out that:

we were not alone. Online message boards were boiling over Thanksgiving weekend about various freezes and collision-detection problems (our avatar assassin apparently has a tendency to walk through buildings and act erratically). We’ve also read reports of other glitches such as two Altairs mimicking each other’s movements (you can actually kill your own character with this one), floating horses and guards dancing in midair like monkeys.”

Ubisoft was reported to be already investigating and preparing a patch. The company’s only advice for the time being is that players disable the automated login feature on the PlayStation Network, as various reports claim that the number of crashes was significantly reduced by doing this.

Until then, here’s some poetry to calm down PS3 players:

We’re walking in the air
We’re floating in the moonlit sky
The people (consoles?) far below are sleeping as we fly
(Nightwish – Walking In The Air)