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I dunno if this has been addressed, and it seems that you guys already have another work around, but you can redeem the code by going to the Playstation Network tab, Account Managemant, and Redeem Code.
New (terrible, awful, no good) PSN's "redeem code" button is just broken and doesn't work, but you can redeem the code through that if you don't go the sonyentertainmentnetwork.com route.
Figures you'll have to take it up with SEGA. Might as well wait and see what happens rather than freaking out about it. I could give a damn about Bayonetta anyway, but I'm mainly interested in those new modes it offers.
Bayonetta is extremely overrated dumb character and only pre-ordered just for those modes especially mad survival from what I saw on youtube.