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.
I'll take your word for it, I really had no idea it was hacked till yesterday when friend of mine told and shown me there's a certain, very acclaimed and new Sony's game (wink, wink, nudge, nudge) out in the wild on torrents.