cFW : Custom Firmware (usually provided as a patch, or an already patched PS3UPDAT.PUP). Constains defined custom changes.
GeoHot : For 3.55 only. Doesn't contain any Payload. Can't run unsigned binaries, you need to sign your homebrew. Can't run game managers.
Kmeaw : For 3.55 only. Doesn't contain any Payload. Can run unsigned binaries. Can run game Managers.
Waninkoko : For 3.55 only. Contains a payload (PL3 or PSGroove?). Can't run unsigned binaries, you need to sign your homebrew. Can run game Managers.
Wutangrza : For 3.55 only. Contains a payload (PSgroove?). Can run unsigned binaries. Can run game Managers.
Hermes : For 3.41 only. Contains a payload (Hermes Payload v4). Can run unsigned binaries. Can run game Managers.
PSita : For 3.55 only. Kmeaw mod. Can run unsigned binaries. Can run game Managers. Could connect to PSN without proxy (fuckPSN feature included).
Other "defined features" firmware exists, was usually released for PSN access or Firmware version spoofing.
ReBug : For both 3.41 and 3.55. Doesn't contain a Payload. Can run unsigned binaries. Can run game Managers. Have unlocked debug features (allowed access to debug PSN servers, QA Token, etc.).
JFW-DH : Unreleased yet. Target to replace all XMB appearance and features.
mFW : PS3 Modified Firmware Builder. For any firmware version up to 3.55. Application to create your own firmware by choosing what to add or remove yourself. A lot of possibilities and plugins are available.
Custom Firmware with a payload was easier, you didn't need to run Lv2 patcher before using a homebrew.
Now, Custom Firmware without a payload are better because you can choose which payload you want to use to patch the LV2, different payload allows different features. (Mostly for multiMAN, it allows you to choose between PSGroove or Hermes payload internally in the settings, you don't need to launch Lv2 manually)
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