The recent release of Geohot's Playstation 3 exploit has attracted some very talented developers.  These developers, who work mostly behind the scenes, are pushing towards achieving something everybody can enjoy by reverse engineering memory dumps and other system files.

A developer by the name of xorloser, has coded a few scripts which allow you to dump your system memory. He, along with others are working towards dumping the lv2; the cell which works around the XMB. Although this has already been done by Geohot and our very own community member, Mathieulh, they plan to work on it in private. A recent post by Geohot states the following:

"In OtherOS, all 7 SPUs are idle. You can command an SPU to load metldr, from that load the loader of your choice, and from that decrypt what you choose, everything from pkgs to selfs. Including those from future versions.

The PPU is higher on the control chain then the SPUs. Even if checks were to be added to, for example, verify the hypervisor before decrypting the kernel, with clever memory mappings you can hide your modified hypervisor."

This brings out many possibilities and it's only a matter of time before something is released to the public to fully take advantage of the PS3 security system. When it does, you can be sure to read all about it here, at MforMature. Also, if you're curious about the more technical details associated with this, check out this blog which seems to be a favorite among developers.