Geohot who you may remember as the one who jailbroke the first iphone. Has announced today the he has fully hacked the Ps3 and you will be able to mod and hombrew it now.
Hotz claimed that he achieved "read/write access to the entire system memory, and HV level access to the processor". Hotz also detailed that his work could allow homebrew, PS2 emulation and eventually the capability to run pirated PS3 games.
I don't own a Ps3 but I have to say this DAMN!
Thoughts on the new vulnerabilities?