[Update] Team Ninja has posted the following statement on their Facebook page:

We are aware of the issue with the Online Pass for Ninja Gaiden 3 and are working to resolve the issue. For those of you with the PlayStation 3 version of the game, the online pass will be redeemable by 4pm Pacific time. For those of you with the Xbox 360 version, we are currently working with Microsoft to resolve the issue and we will keep you updated.

Thank you for your patience as we work to resolve this matter.

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You may have noticed that our Ninja Gaiden 3 review is not yet posted on the site, and there's a reason for that. A quick Twitter search reveals that many fans that bought the game at midnight (or this morning) are being met with error messages when they try to enter their online pass codes. We're included in that group, so we haven't had a chance to check out the game's multiplayer.

As soon as we're able to jump in to multiplayer and see what it has to offer, we'll get the review up. We've reached out to Tecmo for clarification on the code situation, and will update this story once we hear back.