Reader Kevin K shared this link from Eurogamer's resident egghead, Richard Leadbetter of DigitalFoundry, who notes that "it remains unclear what the ramifications of the hack actually are" and that "right now there has been no "hello world" homebrew code executed that typically demonstrates that the hacker actually has full control over the system." Read the entire piece for a fascinating look into the challenge of hacking the PS3 and the safeguards put in place on Sony's black box.
You may also want to read this BBC interview with Mr. Hotz, in which he says, "I can now do whatever I want with the system. It's like I've got an awesome new power - I'm just not sure how to wield it." He also tells the BBC that he "would publish details of the console's 'root key'"; however, DigitalFoundry writes, "Once the root key is available, it's essentially game over for the system's security for all-time, but it's here that some of the claims being made for the hack don't really add up. PSP has been compromised on many levels again and again, but its root key apparently remains unknown."