Iphone homebrewer Geomod has made a significant breakthrough in hacking the PS3. heres what he had to say recently on his blog:

“I have read/write access to the entire system memory, and HV level access to the processor. In other words, I have hacked the PS3. The rest is just software. And reversing. I have a lot of reversing ahead of me, as I now have dumps of LV0 and LV1. I’ve also dumped the NAND without removing it or a modchip.

3 years, 2 months, 11 days…thats a pretty secure system

Took 5 weeks, 3 in Boston, 2 here, very simple hardware cleverly applied, and some not so simple software.

Shout out to George Kharrat from iPhoneMod Brasil for giving me this PS3 a year and a half ago to hack. Sorry it took me so long

As far as the exploit goes, I’m not revealing it yet. The theory isn’t really patchable, but they can make implementations much harder. Also, for obvious reasons I can’t post dumps. I’m hoping to find the decryption keys and post them, but they may be embedded in hardware. Hopefully keys are setup like the iPhone’s KBAG.”

you can follow his progress @geohot on twitter.

[Via Geohot blog]