The PSJailbreak hardware may be held up by the Australian courts, but to the surprise of no one, the code behind the project has been reverse-engineered and is now freely available online. You'll need the code, a PlayStation 3, and a USB microcontroller in order to open your system. Oddly enough, sales of such devices seem to be in the middle of a spike.
As of this writing, the ability to play backed-up or copied games has been disabled in the code, but that won't last long. The genie is completely out of the bottle, and now that the code is floating around the expected sites, Sony has few options to stop its dissemination.
Once the PlayStation 3 was hacked it was only a matter of time before the software was made available free of charge; there are simply too many risks involved with selling this sort of thing via a standard storefront, and too many people more interested in the software's spread than profit. We have not tried the hack ourselves—and likely never will—so tread very carefully when downloading code from the Internet and using it to attempt to crack your PlayStation 3. There are some very technical details available on how exactly the exploit works if you've ever wondered how the hackers made an end run around Sony's safeguards.
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