PSGroove, The open source PS3 jailbreak was released a few days ago. In it's current state it requires hex editing a custom usb board to work, and as you can expect those have been sold off worldwide.
But an intrepid hacker has managed to port the app over to the N900 phone. So if you got an N900 and a playstation 3, hit the link below for details

http://www.ps3hax.net/showthread.php?t=12803

And what does the hack do? It's too ambiguous for me to embark on it.

9jaganja:

And what does the hack do? It's too ambiguous for me to embark on it.

This is the real deal, my man. You'll be able to install a Backup manager to rip your games to a USB HDD. Works on all PS3s, including the slim. Can back up Blurays, and if you got a compatible PS3, you can even back up PS2 games and install.

Tutorial for the N900 version (and video)

http://www.ps3-hacks.com/2010/09/03/psfreedom-hack-your-ps3-using-a-nokia-n900/

I can't believe this is happening!

@TP
Just wanted to find out; have you successfully installed the hack yourself?

I don't have an N900. it's being ported to iPhone sha, when that's don i'll try it.
But it works, 100%. You'll probably find videos on YouTube. Android ports should be out very soon.

Wish you had installed the hack.
While this hack does appear enticing I'm concerned about Sony's reaction in future firmware updates. I mean I don't want my console locked or anything like that. I'll be watching this to see how this plays out.

Just as I suspected Sony's latest firmware update(3.42) says it fixes the patch exploited by the jailbreak.

Dude, there are articles out now on how to bypass the new firmware update

it's also cheaper to buy another PS3 for offline play only since you'll be able to save cash from the games you'll run.
Watch out for more nice homebrew on the PS3 to make it worth it. Plus this may usher in a world of custom firmwares just like the PSP. The future is glorious indeed

I have a PS3 and a Nokia N900 but I just don't want to take the risk cos Sony will definitely screw me over with a new firmware upgrade

There already is a compulsory update  firmware up from sony that patches the hack. Don't just go online with your machines yet if you wanna try the hack sometime.
@ Tex, yeah, its really a welcome development cos the ps3 has basically being an under-used machine, its abilities and capabilities have really being wasting.

texazzpete:

Dude, there are articles out now on how to bypass the new firmware update

it's also cheaper to buy another PS3 for offline play only since you'll be able to save cash from the games you'll run.
Watch out for more nice homebrew on the PS3 to make it worth it. Plus this may usher in a world of custom firmwares just like the PSP. The future is glorious indeed 

I agree with u, you can now even spoof the latest 3.55 Firmware , How many of us can even connect to PSN talk-less of enjoy online game play with our embarrassing internet connection speeds  . The PS3Break V1.2 is the device to have. It can now downgrade consoles with Firmware as high as FW 3.50 back to FW 3.41 to enable them be hacked and still lets you run backups etc. Most interestingly you can now downgrade your Console back to Firmware 3.15 to re-enable the ability to install Other OS (Linux) .
Source:  http://www.ps3breakng.com/