It’s happend, The PS3 has been hacked!
“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.”
Read more -
http://geohotps3.blogspot.com/2010/01/hello-hypervisor-im-geohot.html
Follow the guy that did it on twitter!
http://twitter.com/geohot