PS Jailbreak took a stand today and announced that its latest version now supports firmware 3.42 and 3.50 allowing gamers to unlock their PS3's. Once unlocked, you will be able to install "unapproved" software, such as Linux.
At the same time they also announced a affiliated website called, PSdowngrade, that allows you to downgrade PS3 console to any previous firmware versions. Do hackers ever sleep?