The PSJailbreak team today announced that its hack now supports PS3 firmware 3.42, 3.50 and reportedly any future firmware versions.
The USB mod allows users to unlock their PS3 to allow unapproved software. It also also allowed users to load other operating systems, such as Linux, again, even after Sony prevented doing so citing security reasons with the PS3 3.21 update.
The team also today launched a sister site www.psdowngrade.com the world's only downgrader. The site allows PS3 users to downgrade their new console to any previous firmware version.
This requires a console with the original PS Jailbreak software.