This could again be something interesting, mostly for people using original firmware. Team Cobra will release their ODE (Optical Disc Drive Emulator), which let's you run PS3 games in .iso format, and you don't need a CFW for running them, just the latest OFW. Although you would need their dongle. Read on:

If you've been rather excited at the fact that Team Cobra is going to push out their own Optical Disc Drive Emulator to compete with the 3key, here's some news for you. The team has made the website for the ODE public today and have dropped extensive details regarding their upcoming product. Here's the feature list that they have posted up:

Cobra ODE website is launched! Cobra brought ground breaking features and unparalleled support to the PS3 with its Cobra USB dongle. Now we're back with the Cobra Optical Drive Emulator for PS3. Run game ISO's from any PS3* without the need to restrict your console to running on a CFW. This brings freedom of choice for the SEN, original games and functionality of the Cobra ODE without hassle or complication. A switch allows user to toggle between use of the original BD drive or the emulator.

- Compatible with all PS3 models including phat/slim and super slim (SATA/PATA), on exploitable consoles. Work is in progress for key extraction on non exploitable consoles.
- Emulation support for PS3 ISO's (PSX and PS2 supported on BC consoles)
- Works with any current Sony OFW and third party CFW's
- Active emulation mode or pass through mode
- High speed ARM MCU onboard
- Two high speed FPGA's on board powering emulation engine
- 256 Mbytes SDRAM onboard
- Supports USB hard drives
- Supports external UI commander (included)
- All FPGA logic and MCU's onboard are fully upgradable ensuring maximum flexibility in the future, via in built update mechanism
- Direct dumping of games from disc to ISO format on HDD (will be supported in future firmware update)

The team mentions that the first batch of shipments will begin in February. It is unclear which consoles are "non exploitable" as the package list states that the Cobra ODE main board supports the Phat, 20xx, 21xx, 25xx, 3xxx and 4xxx consoles. Hopefully, more information becomes available as the ship date nears.