This sounds legit as it is the same guy who unlocked the iPhone.
http://www.engadget.com/2010/01/23/ps3-finally-properly-hacked/
In a post titled "Hello hypervisor, I'm geohot," hacker George Hotz (already known in the iPhone community) has made a strong claim: that he has cracked the PS3. The system has remained (mostly) uncompromised for over three years now, with a few exceptions here and there. But, this one pledges full read/write access to the entire system memory and complete control over the processor -- all without a mod chip. Has he really done it, if so how, and what comes next? That all remains to be seen. This exploit supposedly "isn't really patchable, but [Sony] can make implementations much harder," meaning he isn't tipping his hat until he's ready, because once he does the never-ending firmware update war begins, and as we've seen on the PSP, Sony can really knock out those updates.
Anyone can guess. It takes no effort to throw out lots of predictions and have some of them be correct. You are not and wiser or better for having your guesses be right. Even a blind man can hit the bullseye.
