It took 3 years, 2 months and 11 days to finally hack the PS3 fully according to George Hotz (although it isn't public yet how to achieve it, so for now we can't confirm the truth of it). The hack was created by George Hotz who managed to use some hardware and software to break in to the system. Dumps of LV0 and LV1 have been created as well as the NAND. Other dumps will follow in the next few weeks it seems.
The exploit will not be revealed yet though while decryption keys are found allowing those who understand it all to hack in to their PS3.
It's early days at the moment for the hack, but it seems like over the next few months we'll hear more on the progress of this and perhaps a tool will be made in the future to help with access for other's who want more control of their PS3.
Via: Engadget and GeohotPS3 and Gaj-It
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Great work GeoHot, your influence is reaching us.