PSJailbreak: Worlds first PS3 'modchip'

'PSJailbreak' is a plug-and-play USB device for the Playstation 3. It works by forcing the console into debug mode which allows for many unrestricted features to be executed such as BD-R Emulation, Game Type debugger and different Boot modes.
The device is very simple, the installation is very short and easy and you are provided with a GUI for usage via the 'PS3 Backup Manager' where you can backup your PS3 physical media games onto the consoles internal hard-drive or a external hard-drive connected via one of the USB ports on the system.
Once the games are backed up onto your hard-drive you can run the games through the 'PS3 Backup Manager'.

• FAT32 is supported at this time which means none of the files can be bigger than 4GB in size. The 'PS3 Backup Manager' splits the files so this shouldn't be a worry, rest assured NTFS is being worked on.
• Online play on games loaded off a hard-drive does work as of the 19th of August on the current latest firmware for the PS3 console: 3.41. It cannot be known whether future firmware updates will render online play useless when using the device.
• It is recommended to stay on the current latest system software for the PS3, 3.41, as an update to the system could block the device. The USB device is fully update-able so if you do update an update to the device should hopefully be released shortly after.
• The device is compatible with all models of the PS3, regardless of whether it is a PHAT model or the newer SLIM model.
• The device supports all regions: USA, JAP, PAL and KOREA.
• It has worked with all 150 backup games tested with the device so compatibility should be or near to 100%.
• The device does not allow for the backup of Blu-Ray movies, DVD Movies or any previous console games, e.g. PS1/2.
• The device disables forced software updates and claims to never brick your console.
• You backup your games to either the PS3 internal hard-drive or an externally connected hard-drive through a USB connection, you can boot the games directly through a GUI 'PS3 Backup Manager'. This eliminate the need of buying Blu-Ray burners and disks.
• Games played through the hard-drive run 2x as fast as they would from running from a Blu-Ray disk, this reduces lag and glitches and allows for a much smoother gameplay.
• Load homebrew off a connected hard-drive or the internal one.
• The device requires that you have a original PS3 game inserted into the console to run backups from hard-drives

Images of device