So far the firmware 3.50 has been hacked and people are now able to play games that require 3.50 firmware in 3.41 by replacing the original eboot with the modified one. Fail0verfl0w (responsible for 3.50 FW hack) team member has said that now PS3 system is completely compromised and there is no way for sony to recover their consoles except for releasing a completely different hardware. But Sony has said that they will be fixing this by network updates. So we have two statements now from opposite parties. Now wait and see who are liars
Update I:
GeoHotz has released a CFW for 3.55 but this works for homebrew only
source:http://psx-scene.com/forums/f6/geohot-releases-3-55-jailbreak-75010/
Update I:
GeoHotz has released a CFW for 3.55 but this works for homebrew only
source:http://psx-scene.com/forums/f6/geohot-releases-3-55-jailbreak-75010/