my ps3 has been hacked for awhile now. it may not look nice but all i wanted to do was play my backup ps2 games after my chipped ps2 slim died.
basically all you do is rip the top off your ps3 and take the cover off the cd drive and boot up a ps2 game and when the ps3 confirms a ps2 game is in the system take the cog off and swap it for a back-up ps2 game and replace the cog and press X to start....
good for playing backup ps2 games but i think thats about it.
It may work with backup ps3 games but i have no blu-ray burner or blank blu-ray ( i can't afford that )
i have the latest firmware on my ps3 and i can still play my ps2 backups *shrug*