It's been a bad run for Sony's consoles with regards to keeping homebrew out. On the PSP front, if you have a PSP and any firmware version from 0-3.5, you can utilize this hack as an exploit to run unsigned code (emulators, etc) on your system. Sony was quick to patch this with firmware version 3.51, but it allows you to run homebrew on very recent firmware without having to downgrade. Hit the jump for a video of the exploit in action.

And first steps were taking in compromising the PS3 recently: hackers were able to boot copied games on a hacked firmware, though they couldn't play them.

You can hear the programmers scrambling to battle stations over at SCEA and SCEJ.