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"I have hacked the PS3. The rest is just software. And reversing. I have a lot of reversing ahead of me, as I now have dumps of LV0 and LV1. I've also dumped the NAND without removing it or a modchip."
Hotz said he wouldn't reveal the exploit yet, and noted that isn't really patchable -- though, Sony could make implementations more difficult. While he can't post the dumps, Hotz hopes to find the decryption keys and make those available.
George Hotz gained popularity for assisting the effort to jailbreak the Apple iPhone.
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I think the effect this will have on the PS3 software ecosystem depends on how easy the hack is. Modding an original Xbox wasn't too hard if I remember correctly, and you could pay someone $25 to mod your 360. If people can't figure out how to mod the unit themselves, and modders are charging a premium price, it won't have much effect and will probably go mostly un-noticed by Sony. Am I right?
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