It will let me play PS3 games while keeping everything that I was promised when I bought my PS3 :)
There is also some homebrew already out. Along with PS3 exclusives!
http://psx-scene.com/forums/f178/ps3-backup-managers-emulators-homebrew-list-68925/
http://www.ps3hax.net/2011/01/signed-ps3-homebrew-list-and-download/#axzz1H4hfjPlG
Sig thanks to Saber! :D