PS3: PS3 Firmware Cracked?

PS3News is reporting that a hacker going by the name of -wait for it -hacked2123, has found a way to exploit something regarding something-or-other in the PS3's software -but apparently will only work on machines that still have the original v1.10 firmware. (So, for all you suckers who decided to make full use of the internet capabilities of the PS3; you're shit outta luck -Sony forces you to upgrade your firmware pretty much as soon as you plug that ethernet plug into the back...)

Anyway, its not a full hacked PS3 -yet. Give it a few more months and we'll start seeing more people buying PS3s cos then games suddenly won't be costing $60 each anymore.

And here is the rest of it