Now that everyone knows that PS Jailbreak was indeed a real deal and many users did go ahead and jailbroke their PS3, there is some unrest amongst the playstation community as it has come to know that Sony can easily patch the exploit in the next firmware update.
The hack supports playing backed up games off a FAT32 external HDD when a special USB jailbreak dongle is connected to the PS3 game console. Console owners can play pirated and backed up video games.
More importantly, it has now come to know that Sony will be able to monitor when jailbroken PS3 owners log into PlayStation Network using the backup game manager exploit. Many gamers are warning other jailbreakers to avoid PSN, since some of them have started to get an error code 8002A227 on Playstation 3 whenever they log on to the PSN.
Sony is yet to issue an official statement on the recent PS3 hacking, may be since they are busy patching the exploit in their new firmware update. PS3Hax has a detailed discussion going on the same subject.