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