With Henkaku, how much control would someone have over the system? Is it full control over every aspect of the system (like PS3 CFW), or could it only do something a normal game on the system could do?

 

While good information, this is a bit outdated. HENkaku DOES enable piracy/backup loading now, and in fact it is pretty trivial. Furthermore, taiHENkaku has given even further control of the system's internals, which isn't mentioned here (because taiHENkaku wasn't released at that time.) However, if you look at the more recent posts on that same blog you will get a bit more additional information.

I don't know the hardware well enough to give a detailed answer. But the short answer is, it's pretty darn close to full control. The only thing that's really missing is a lv0 (boot) exploit, which could theoretically allow HENkaku to install itself on boot instead of manually using a web exploit. For most purposes, it seems like HENkaku gives full control.

 

Owning lv0 has nothing to do with boot. I don't know who propagated that misinformation. Hacking lv0 will be of no practical consequence to end users. It's mostly just a challenge for those who care. You can make a boot exploit without even needing another kernel exploit: just hack sceshell (like homemenuhax). The best way is to hack the boot loader though (which is still lv2).

 

ladies and gentlemen this is how a god(not a misspell) post looks like.