Its confirmed to be working by various sources.
PSJailBreak - PlayStation 3 JailBreak for PS3 Consoles Arrives?
Read more: http://www.ps3news.com/PS3-Hacks/psj...soles-arrives/
Quoted from PS3News. The best place for PS3 hacking information.
Update: CJPC has received confirmation and xorloser has now confirmed that the PSJailBreak runs unsigned code on the PlayStation 3, so it appears this PS3 mod-chip is indeed legitimate!
For those who remember ZPack for PS3, today we have what appears to be a remix of it dubbed PSJailBreak - a PlayStation 3 JailBreak allegedly for Retail and Debug PS3 consoles.
Warning: Before downloading or getting excited, read the "PS3 Dev Notes" section (below) for PS3 Dev comments on this alleged product.
Download: PSJailBreak Backup Manager .PKG File
To quote from their page (linked above) on the PSJailBreak Specifications:
PS Jailbreak is a USB plug and play solution that installs in seconds, keeping your valid warranty seal in tact.
Easy to use installer and GUI takes you step by step.
Compatible with all production models FAT and SLIM. Supports all regions: USA, JAP, PAL and KOREA
PS Jailbreak disables forced software updates and will never brick your console.
Supports all games (it does not allow backups of bluray movies , dvd movies , or past consoles games)
Backup games to your internal hard drive or external hard drive through USB, and boot directly off GUI. Eliminating the need for expensive blueray burners and costly blank media.
Play backups off your hard drives 2x as fast as off the blueray drive. This eliminates lags and glitches to provide you with smoother game play.
Open up your console to a new generation of homebrew applications. Load homebrew apps/games off any USB hard drive/flash drive.
Fully updatable with new features/updates by connecting PS Jailbreak to any computers USB port.
Q: Is PS Jailbreak easy to install?
A: Yes, it is a plug and play solution. It takes 1 second to fully install, without modifying or opening your console.
Q: Does it permanently modify my console?
A: No of course not, once you unplug it from the usb port it is completely disabled.
Q: How do you install PS Jailbreak?
A: Please consult our downloads page for our instruction manual. We have done our best to make it as thorough as possible to answer all setup and troubleshooting issues.
Bottomline: No hardware modification needed to put this to work ! It basically converts a retail PS3 to a Dev Test PS3. Dev ps3s can already play "unsigned" PS3 games from hdd or usb storage.