And what makes it more interesting is that it was the handy-work of the iPhone developer, Geohot. He wrote that even though he’s not revealing the exploit yet, it’s not patchable by Sony.
From Geohot’s 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.