Last week, hacking group fail0verflow claimed to have found a method for discovering a PlayStation 3's "private key," each system's unique code restricting access to unsigned code. GeoHot (who found another PS3 exploit a year ago) says he has released the PS3's METLDR root key to the public, which allows access to the PS3's loaders, and reportedly could be used to allow any unsigned code to be run on the system. In addition, fail0verflow has started releasing development tools for the PS3.
In a brief note on his site, GeoHot congratulated the fail0verflow team and noted that "I do not condone piracy," and then suggested that the three current console manufacturers contact him if they want secure systems. "It'd be fun to be on the other side."