The PSP is well known for it's hackability and it looks like the PS3 is no different. Established PSP hacker, Dragula96, has found an exploit in the newest PS3 firmware (2.20) and has already created a "Hello World!" proof of concept application.
This could open the doors to all sorts of homebrew on the PS3 like emulators and community games. More discussion and a video after the break.
Not that we condone running illegal programs, but this could be a huge bonus for the PS3. PSP hacking is incredibly versatile and greatly increases the value of the portable for many people.
Running emulators through the PS3 with the ease of PSP hacking would be awesome.
Let's unofficially hope a nice scene develops.