Geohot announced PS3 exploit code in his blog today after announced PS3 system cracked for rekindle the PS3 cracking area. The PS3 exploit code is player are waiting for and available to access all of the memory. Geohot has only test on the 2.4.2 but considers that this vnlnerability should be able to apply to all existing versions. A more detailed tutorial may be released quickly. Developers can continue to study according to these loophole. Pandora’s Box has been opened, leaving only excavated by developers themselves.
Parts of announcement are as follows:
In the interest of openness, I’ve decided to release the exploit. Hopefully, this will ignite the PS3 scene, and you will organize and figure out how to use this to do practical things, like the iPhone when jailbreaks were first released. I have a life to get back to and can’t keep working on this all day and night.
Please document your findings on the psDevWiki. They have been a great resource so far, and with the power this exploit gives, opens tons of new stuff to document. I’d like to see the missing HV calls filled in, nice memory maps, the boot chain better documented, and progress on a 3D GPU driver. And of course, the search for a software exploit.
This is the coveted PS3 exploit, gives full memory access and therefore ring 0 access from OtherOS. Enjoy your hypervisor dumps. This is known to work with version 2.4.2 only, but I imagine it works on all current versions. Maybe later I’ll write up how it works 
Good luck!
My opinion: You can go to blogspot for more information.