The update wars continue, and call us crazy but it sure looks like Sony is on its heels. The PlayStation 3 firmware version 3.50 was supposed to be the one to really protect the console, forcibly installed with Medal of Honor and reportedly the cause of the latest (and last) Gran Turismo 5 delay. But, it was all for naught, with PS Jailbreak announcing downgrade support for firmware 3.42 and 3.50 "and beyond." The only question now is: what's the next firmware version going to be called? Maybe if Sony started naming these updates after delicious pastries we'd be a little less tired of applying them.
Update: To clarify, this will not let you play 3.42 or 3.50 games, but will let you downgrade your firmware from those versions to an earlier, more hackable release.