It's only been a week since fail0verflow revealed a hack to the PS3's near-impenetrable security. Another hacker who goes by the name "KaKaRoToKS" has gone a step further by delivering tools that will let you convert your standard PS3 firmware into some swish custom firmware.
This custom firmware is not about piracy though, with "KaKaRoToKS" saying "Since the kernel is left unmodified, this means that this custom firmware is really meant for future homebrew installation, and it will not allow piracy. I plan on keeping it that way."
It's only a matter of time before other hackers get their hands on these tools and won't have the same grace as "KaKaRoToKS".