So, long story short; the Sony PS3's security has been cracked wide-open, paving the way for homebrew on the console and all sorts of non-Sony goodness. (and most unfortunately for them, opens the door for playing pirated games).
Interestingly, the PSP keys have also been retrieved from the PS3, so that's now wide-open as well .... can someone say "oops" ?
Frankly, serves them right for removing the 'other OS' option. It only served as motivation to dig deeper, and now... that functionality can finally be restored, and people can do whatever they want with the console, much to Sony's chagrin. "Oops" is right.
I'll be buying one soon, before Sony decides to brick all existing consoles, or some other drastic knee-jerk reaction