It works fine for me, so i guess you forgot to put some image files in the graphics/your_skin/ folder ?
In fact, I can't even change my directory
When I want to select a directory, POOF! A pretty marvelous XMB appears

Maybe it is because I have a 2.71 SE-B'' firmware... But I'll take a look to my MS in order to see what's wong...

(c'est dur d'écrire en anglais...)
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GOOD NEWS:

It was because I had an empty "New Folder" in my "Graphics" directory. Bury'n'destruction.