No its in no way useless. If he achieved what he claimed he opened the system. if you look at his blog and later in twitter the guy who critizised him and the people from ps3news believe that he probably achieved something. if he is correct then he found a way to crack the PS3
It maybe bad for Sony he may be wrong but if you read all the sources everybody take it as granted that he cracked the PS3.
I dont now much about this stuff but I am smart enough to recognize how the people which know more about this stuff react.
And they definetly think he achieved something even the people which joerc quoted said later that he probably found something.
The Hack could be useless but he is already known as one big hacker this guy seems to be a wunderkind. Or he had just luck.
We will see in the next weeks how it turns out I have the feeling he did it. If this exploit will be useful for the standard consumer is not sure.
I think he will publish this stuff sooner or later he has not sold his knowledge from the Iphone he gave it for free.
The guy which doubted him in the beginnig and later said on twitter that he talked with geohot and he had to admit that it seems like he cracked the PS3 is mateulh this guy cracked the PSP.
http://twitter.com/Mathieulh/status/8097806925
Everybody who is interested in it should read this thread and then decide for yourself:
http://www.ps3news.com/forums/ps3-hacks/playstation-3-hacked-george-hotz-hello-hypervisor-im-geohot-109519.html