I've been hearing about this "PS3 Jailbreak" but haven't found any info on what it actually does. PSGroove is what it's called, but what does it allow you to do?
The main functions that PS3 Jailbreak provides are:
PSGroove apparently has limitations that restrict its use to run pirate games. see: http://www.thesixthaxis.com/2010/09/01/psjailbreak-open-sourced/