Blu-ray is a major security feature for SONY. It is extremely expensive compared to DVD's or CD's and the disks size means people need to wait to download large files (25gb+) in order to get the games...
Since its not worth the cost to steal PS3 games hackers who want illegal copies of games are buying the 360 -- which is much cheaper, uses DVD which is cheaper, and most games are multiplatform these days anyway.
Next up i would PSN is another great security feature -- don't want to risk losing access to PSN or the PS store, then don't try running custom firmware ...
3rd up would be the firmware updates. These updates make cracking newer PS3's harder and they add wanted features. The reason PSP's firmware updates failed is because SONY often gave PSP users an almost useless update that simply increased security -- while custom firmware makers were constantly adding wanted features...
Finally we come to Linux -- users whom would normally hack their console simply to mess around with it, install linux, create homebrew, etc can do it now without hacking into the system. As such these users are no longer a threat to SONY ...
Ohh and the PS3 has been cracked... but so far the cracks arn't really useful at all. The hackers have hit dead end here...
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