If you have tried to enter your credit card information into their system on the "Edit Billing Information" page and it fails with "The credit card information is not valid." OR "The credit card information cannot be updated.", you are not alone. Even after trying all of the mangled ways that Sony tells you to enter your address, thousands of people are not able to get anywhere and Sony will blame everything on your bank, even if your bank is Bank of America or HSBC.
If you aren't getting anywhere, you need to call 800-345-7669 (800-345-SONY) or 877-971-7669 (the number reported to your bank that shows on your account history) to report the issue. Sony very conveniently does not provide any contact information on the web site where you enter your information, nor do they in the PS3 itself. They do a very good job of hiding this number with hopes that you will just give up and not report the issue. This has been an issue for several years and Sony needs to fix it.
If you have a blog of your own, write about your own experiences and add a link to this post. If enough people call and create their own blog posts, Sony may actually fix the issue.
UPDATE 05/29/2010:
With the exception of military and Indian reservation addresses, the United States Postal Service defines the standards for all mailing addresses. If you type in your address at USPS - Zip Code Lookup, it will correct any formatting errors and give you your full standardized mailing address with ZIP + 4. They also provide CDs and a list of companies that provide software that works with those CDs to allow anyone to do the same thing. Apparently, Sony believes that they do not need to adhere to these standards, thus their system fails.