Just few days back, Xbox 360 was modded to play pirated games, and PS3 was hacked long back by iPhone guru: Geo Hotz. But soon after, Sony had patched the vulnerability by releasing a new firmware and mandating upgrades.
Ozmodchips.com claims to have developed a new mechanism to Jailbreak the PlayStation systems (Playstation fat, PS3 Slim). The device is called the PS Jailbreak and can be used to dump PS3 games to the hard drive of a PlayStation3 running the most current firmware (3.41). Dumped/Backedup games can then be played from the hard drive by selecting them from a menu that the modchip spawns.
The USB mod chip is available for preorder at a price of $147.47, which arrives on August 27th.
One can doubt its authenticity, but, going by the video, it looks quite legit and we kind of trust the Ozmodchip modders who have been in this industry for long years.