There is very little information out at the moment, but [geohot] has successfully hacked the PS3 to have full read and write access, bypassing the Hypervisor. At the moment he’s not revealing the exploit, but with this knowledge it wont be long before the PS3 finally gets whats coming. Keep track of [geohot’s] progress on his twitter, @geohot, and blog.

[Thanks Jack, Julio, Jeremy, Squisso, and Vor]