Do you have a lot of material installed on the PS3? Themes, background picture, many installed games, many stored photos, videos and music?
This could be the cause of this error. Try deleting or backing up some of this stuff and certainly if this is a RAM problem, more RAM will be free'd = Hopefully this error goes away.
playstation should think about memory and allow user to buy newer console which will allow everyone to upgrade.
This will solve memory issue. but the console psu / cooling needs to be improve, or else, this may not work smoothly...
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Hmmm... i have exactly the same issue and only use the ps3 for a couple of other games :\ no photos or customised music :\ was running fine the other day :\ before i went online and did the update/mandatory install.
82gb free :\ on the hdd...
Hmm... have tried a couple of times.
Specifically states HDD space being an issue with the error code:
Deleted items and all sorts doesnt wanna load up
I also get the "Insufficient free space on Hard Disk Drive" error but with 0x0000000b  at the end.
It started about a week after patch 1.03. Deleting and reinstalling doesn't help, but on another account I made I can play so it looks to me like the save game is damaged.
When I install without an internet connection GT5 still sees my current car and my money but no cars under favorites in arcade and when I go to GT Mode I get a little clock that keeps running forever. After updating the same error comes up again.
A new patch was just installed( 1.05 I think) and still the same thing happens.
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