In a blog post last Friday, George "geohot" Hotz claimed to have hacked the Sony PlayStation 3 after five weeks of work with "very simple hardware cleverly applied, and some not so simple software." Hotz said he's gained read and write access to the entire system memory, as well as HV-level access to the processor.
"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.