In a big news involving the PS3 jailbreak scene, the PS3Jailbreak team disclosed that their jailbreaking method is now compatible with all the recent PS3 firmware starting with 3.42, including 3.50 and apparently is also future proof, claiming to work for any other future firmware version. While this claim, of course will come to test soon enough, we are nevertheless impressed. The USB mod has the same features as any other jailbreaking method, allowing the device to run unsigned (or DRM-less) applications. The unapproved software includes pirated content which, of course Sony will do everything in their power to stop (although similar efforts for their PSP device weren’t terribly successful)
Sony is fighting actively via legal means to shut down the jailbreaking mod providers, but the latest methods are easy to duplicate using cheap USB dongles and their distribution is hard to control.
Beside the combo, the PS3Jailbreak company also provides a PC compatible software kit called PSdowngrade which, combined with the PS3Jailbreak devices can downgrade your PS3 firmware to one of the supported versions.