After a few months a new hack PSJailbreak has been located on the web. Just as you hooked to PlayStation 3 console, a particular USB dongle and it lets users dump/run back up copies of disc games that are saved in the hacked console. This new hack is compatible with PS3 FAT and is available in slim models from PSJailbreak.com website. PS3 owners can use this modchip to run pirated copies of games and also the community developed software. But this jailbreak is for PS3 games only and no PS2 or PS1 games could be dumped on console HDD. You are not also able to dump Blu-ray Movies.
Earlier in April, a hacker named GeoHot was able to retain the Other OS support with custom firmware. But thousands and millions of users were looking for mod to run pirated games on a PS3 game console so that you dont have to shell out cash for costly games.
PSJailbreak hack has similarities with that of iPhone and iPad, and comes in the form of USB dongle. It keeps the PS3 console warranty intact and installs in a few seconds. The jailbreak disables forced firmware updates. This jailbreak lets users take a backup of their current gaming content on their console and also lets them copy and play games from the consoles hard disk.
http://www.latestngadgets.com/a-new-hack-ps-jailbreak-for-ps3/6650.html