Some updates:

14 - 05 - 2011

Support to load ps2 backups in iso format without the need of any other product will be added in revision 2.0 of the firmware and Cobra USB Manager. We're in the process of implementing this feature and expect to release 2.0 in 10-14 days. This feature applies only to models with backwards compatibility: CECHB01, CECHA01 and CECHE01.
18 - 05 - 2011

We are pleased to announce that we are currently working on a solution to enable Cobra USB on PS3 firmware 3.55, with the release expected to take place a few weeks from now. This will bring all of Cobra USB's ground breaking features to the more up-to-date firmware, with the added bonus of removing the need to perform the power/eject cycle to enable the dongle - this will become totally automated. Support for 3.55 will be provided simply as a Cobra USB firmware update, meaning ALL Cobra USB dongles will be supported without the need for a new hardware revision. We will make further details available as the release draws near, keep an eye on this website for updates!
20 - 05 - 2011

We have released Cobra USB firmware v1.2, which is available from the downloads page. Changes in this release include:

Fixed compatibility issues with some games in discless mode
Fixed a bug that prevented Cobra from detecting a PSX CD-R if it was inserted too early in the boot process
Homepage: http://www.cobra-usb.com/