GeoHot, who originally was the first to hack the iPhone, has released the PS3 hack which will give full memory access therefore creating unlimited opportunities to tweak the system to your liking.
In the interest of openness, I've decided to release the exploit. Hopefully, this will ignite the PS3 scene, and you will organize and figure out how to use this to do practical things, like the iPhone when jailbreaks were first released. I have a life to get back to and can't keep working on this all day and night.
Please document your findings on the psDevWiki. They have been a great resource so far, and with the power this exploit gives, opens tons of new stuff to document. I'd like to see the missing HV calls filled in, nice memory maps, the boot chain better documented, and progress on a 3D GPU driver. And of course, the search for a software exploit.
This is the coveted PS3 exploit, gives full memory access and therefore ring 0 access from OtherOS. Enjoy your hypervisor dumps. This is known to work with version 2.4.2 only, but I imagine it works on all current versions. Maybe later I'll write up how it works :)
Now that the PS3 has been hacked, I wonder how this will effect future sales considering playing pirated games is much more of a reality now.