Several readers have sent word that George Hotz (a.k.a. geohot), the hacker best known for unlocking Apple's iPhone, says he has now hacked the PlayStation 3. From his blog post he said :
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.
Check geohot's blog "On the PlayStation 3" about his progression is hacking the PS3:
http://geohotps3.blogspot.com/
In this era of muliplayer online gaming, I don't see a point of hacking any console or game (especially popular games). Case in point is the Xbox 360. Modded ones have been targeted by MS and have been shutdown and this cycle will continue on.
Hacking a game console just to be able to play pirated games or run custom software is meaningless to me compared to playing online (case in point Modern Warfare 2).

However, it does provide something for the PS3 that after so long of a time that they were able to hack it. But I can't see any true use for such a hack.
For me it is point of _proper_ Linux there. Cause right now it is crap,they provide "virtual" layers that slowdown performance a lot. And no direct access to GPU.
are you kidding its amazing that its hacked

as a Lebanese do you really play that much online games c'mon there only a few games that are good online and probably lag alot

plus not ALL games need to be online, now we can buy games like AC 2 and not feel guilty for spending too much on a game that ur only gonna play once
also i hope they create a way were you get 2 boot two systems one for playing original games online and another were you play fake games (offline) and sony cant block you or anything
Hacked doesn't mean can play Pirated games.
toxic wroteare you kidding its amazing that its hacked

as a Lebanese do you really play that much online games c'mon there only a few games that are good online and probably lag alot

plus not ALL games need to be online, now we can buy games like AC 2 and not feel guilty for spending too much on a game that ur only gonna play once
Its true that not all my gaming is online. However, some of the single player games need online as well; meaning, some single player games allow the download of expansion packs and DLCs that greatly increase the value and fun of the game; examples, Fallout 3, Burnout Paradise, Batman: Arkham Asylum, Prince of Persia, Borderlands.

Plus, if the PS3 was hacked to play pirated games, you can forget about original games in Lebanon. I mean, look at the Playstation, Playstation 2, Xbox and Xbox 360. You can barely find any original games for these consoles during their prime times. All you can find are pirated games.
ramito123 wroteHacked doesn't mean can play Pirated games.
Errrrrrr YES it does

"He admitted that it could also allow people to run pirated games. "

Source: http://news.bbc.co.uk/2/hi/technology/8478764.stm

This is the dude that brought the first iphone hack... that being to be able to use it on other networks other than AT&T

... :o and he was 17 when he did that
haha good news.. well i guess that geohotz guy is on Apple and Sony's wanted list :P
BTW this has been confirmed not to work on slims.
Geohot is like a wiz kid. o_o. I wish someday I become 1/10000000 as good as he is =P