An iPhone hacker named George Hotz claims to have figured out a way to get past the PS3's software security and run whatever he wants on the system, without a mod chip. Geekspeak translation for those who can't understand the first paragraph in the quote: basically, the guy found a way to get the PS3 to recognize outside code as legitimate and run it without complaints, as if it were official software. If this is true, we'll probably see custom firmware for the PS3, just as it exists for the PSP. It'll take a while, though. As in, months or years... unless the work has already been done and this is just a teaser to that effect. So, you guys hoping for something like an XBMC for the PS3 when you bought it all those years ago, your dreams might finally be coming true. (And you pirates might finally get to use the PS3 as an ISO loader, but none of us here engage in that sort of thing, right? Right?)
Well he'll have to show it works first...people have been claiming to have cracked the PS3 for years. Just a few months ago a group of hackers from Japan claimed they did it and maybe they did but I've heard nothing since. Also the hacks would have to be easy and cheap to do before many people would even try it. Its interesting if he can or did pull all that off so only time will tell.