The issue was simply put that your PS4 will go to sleep, but not wake up. Users had to hard reset the console, or in some cases pull the plug out for 30 seconds to get it to turn back on. When powering up the PS4 would note that it was shut off wrong. Sony insisted people simply turn it all the way off until the update is patched.
The update is now released today as V2.01 is now ready to go today. The patch is over 200 MB and adds nothing but fixes to the console. According to several websites I visited, many people have confirmed that this update does indeed fix the sleep issue and they are no longer getting the blinking orange light!
That’s good news, the rest of the system seems to be working fine as well. Well, unless you are trying to play Driveclub. (Yes, a joke from me!)