This could get very interesting, a new USB dongle for jailbreak. Although in the beginning it will only run on FW 3.41, but further upgrades are planned.
The 2 things that could be really nice is the Blu-Ray region free feature, and the ability to run games with files bigger than 4GB from external disk (although I have to admit that splitting the files works just fine too, only takes some time to do).
Of course running PSX ISO games from HDD is worth to mention too.
** Blu Ray Movie region free functionality
** Allows you to play Blu Ray movie ISO’s from HDD
** Allows you to play DVD movie ISO’s from HDD
** Integrated support to play PS1 game ISO’s from HDD
** Integrated support to play PSP mini games from HDD
** Enjoy PS3 games with files >4GB on external USB HDD
* Supports FAT and SLIM PS3 consoles any region
* Supports versions up to 3.50 (console must be running 3.41)
* Play PS3 games from internal HDD
* MCU firmware and flash firmware updatable using easy to use free PC updater
* First class customer support and free regular firmware upgrades
* No need to open your console, just plug and play
* High quality components and materials used throughout
* Unique and built from scratch Cobra USB manager featuring slick U.I. and customized options with easy navigation
* Actel based encryption engine onboard to prevent device cloning
* Fast onboard 2 Mbyte SPI flash for firmware storage
* High quality onboard MCU
* Easy mode selection via switch (PC update, PS3 downgrader, regular PS3 device mode)
* Downgrader functionality included free of charge, allowing users to upgrade firmware to and from 3.41 at will.
* Multi lingual user interface (English, Spanish and French as standard with more languages to be supported later)