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I dunno if this was posted yet, but BBC have interviewed the guy:

http://news.bbc.co.uk/2/hi/technology/8478764.stm

Says ps2 BC and pirated copies among other things would be possible.

 

Digital Foundry's take on it:

 

http://www.eurogamer.net/articles/digitalfoundry-ps3hacked-article



Looking forward to: FF Versus XIII / LBP2 / The Last Guardian / Yakuza 4 / ICO Collection