GeoHot, one of the fathers of the iPhone's jailbreak community, has just released the exploit that'll let loose all sorts of promising PS3 hackery, just like he promised. We can't wait for hackers to unlock the PS3's power.
Apparently, the hack gives full access to memory and the OS, and definitely works with firmware version 2.4.2 (and presumably other current versions as well). You can find it here for now - try it out, let us know how it works! [GeoHot via Kotaku - Thanks Richard!]