We will tell you the important steps of the internal process of the PSJailbreak.
We can confirm that the PSJailbreak is not a clone of Sony's "Jig" module. PSjailbreak is an exploit, developed by self-examination. The chip is a PIC18F444 ATMega with software USB. This means that the chip is capable of emulating the internal USB. PSJailbreak mainly emulates a 6Port USB Hub which connects several USB devices and then disconnects them. One of these devices has the ID of Sony's "Jig" module, which means that for the development of the PSJailbreak, Sony's "Jig" module had an important role.
When the PS3 starts, in the USB emulation, a device is connected which has a to large Configuration Descriptor. This Descriptor overwrites the stack with PowerPC-code which is executed. Now, several USB devices are in emulation. A device has a big 0xAD Descriptor, which is part of the exploit and it contains static data. A short time later (we are talking in milliseconds) the jig-module is being connected and the encrypted data are being transfered to the jig-module. An eternity later (again milliseconds), the jig-module answers with 64Byte static data, all USB devices are disconnected, a new usb device is connected and the PS3 is being launched with a new look.
64Byte static data which are being emulated by the Jig to the PS3.
Moreover, the PSJailbreak can't be updated. The update function can only exist with extra hardware.