What are keys?[/p]The reason game systems will only run official content is because the company in question (e.g. Sony, Nintendo, or Microsoft) builds the system so that it will only accept digitally "signed" content. This "signature" basically takes the form of a key used to encrypt/lock the game/program. If the system is presented with a program that doesn't have the key incorporated into it, it refuses to run it.
What can we do with the keys?[/p]With the keys, we can sign our own programs. We no longer have to hack the PS3 in order to run custom content, because our programs will have the signature that the system checks for. This means that now, somebody can make a program that will run on ANY PS3, regardless of it's firmware version or whether it's been modded or not. This opens the doors for anybody with a PS3 to develop content (not just hackers), and you don't need a hacked PS3 to run anything they make. This blows the PS3 wide open.