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Some members of the scene already have entry points to the latest firmware. They won't release it though, so Sony can't fix the shit. But yeah, PS4 is hacked wide open. Backed up games work without a problem, there's basically nothing you can't do. Not too many apps available right now, though. The scene is still pretty young. But in 1-2 years the PS4 should be a decent homebrew machine.

Official member of VGC's Nintendo family, approved by the one and only RolStoppable. I feel honored.