Geohot's cracked the PS3 wide open and he's showing everyone how he did it.
Earlier this week, famed iPhone hacker George Hotz proudly announced that he has successfully hacked the PlayStation 3.
It seems that Hotz progressed as far as he wishes to go and has released the details of his exploit for all to examine now. He writes: "In the interest of openness, I've decided to release the exploit. Hopefully, this will ignite the PS3 scene, and you will organize and figure out how to use this to do practical things, like the iPhone when jailbreaks were first released. I have a life to get back to and can't keep working on this all day and night."
The documentation included in his .zip package reads as follows:
!!EXPLOIT IS FOR RESEARCH PURPOSES ONLY!!
Usage Instructions:
Compile and run the kernel module.
When the "PRESS THE BUTTON IN THE MIDDLE OF THIS" comes on, pulse the line circled in the picture low for ~40ns.
Try this multiple times, I rigged an FPGA button to send the pulse.
Sometimes it kernel panics, sometimes it lv1 panics, but sometimes you get the exploit!!If the module exits, you are now exploited.
This adds two new HV calls,
u64 lv1_peek(16)(u64 address)
void lv1_poke(20)(u64 address, u64 data)
which allow any access to real memory.The PS3 is hacked, its your job to figure out something useful to do with it.
http://geohotps3.blogspot.com/
~geohot
Of course, this doesn't mean PS3 homebrew or wide open piracy; but it means that George Hotz work opens up many new doors for other PS3 hackers to continue poking through the hardware and software.
It's important to note that the hacking work thus far is meant to work on an original form factor PS3 that's capable of running Linux – so those with the new Slim model are currently excluded from the hacking fun.

Why reinvent the iPad?
Unless you somehow could mount an image stored on the console's hardrive
Congratulations.
is something that allows more "oomph" on OtherOS. ie, more stuff for linux. (Which sorta locks out slim PS3's) But currently at this stage it doesn't allow anything game related.
It's not a total "hack" , but it is still a step forward.
Why reinvent the iPad?
That has got to be the funniest thing I have read in a long time. Thanks for the good laugh HavoCnMe.
thats y its so much cheaper
Nope the original xbox was probably the most hackable consoles ever and it didnt't even make half of what the ps2 made. Don't believe me? But the main thing is the games if you dont have good games than theres no point in hacking it. Although you do have a point the ps2 was hella easy to mod. Plus with a fat ps2 you could do anything.
wow dude i failed to put the link up there for the dev console from sony it costs around 600 bucks but it plays burned ps3 games. They took it off craigslist.
I thought about the piracy aspect of this system a long time ago. The problems include: large isos, limited hard drive space, and expensive bluray media. I don't think it is going to be a huge threat to sony tbh. Plus the only people who are going to be doing this are people who wouldn't buy the games anyway (not meaning that makes it right, that is just how things are).