As for deleting the cache, you can also log out and then back in and that should solve the network timed out error....err, at least it worked for me. I know that a lot of people are having difficulty signing into PSN to begin with since the 1.92 firmware, so this might not be the best solution.
That didn't do the trick for me. Gotta try deleting the cache though. So far the only thing that works is completely switching the power off and back on, but seems like I have to do that every time I wanna play the damn game.
Sigh.