Here is some more information for those who don't want to look off site too much.
Rumor has it that this doesn't work on the 2.6 firmware version.
F.A.Q
Q: Does this work on PAL PS3's?
A: No, support for PAL is expected to be released soon. (does not work on ANY pal systems at the moment).
Q: But my PS3 is backwards compatible, why doesn't this work?
A: It does not work with SOFTWARE EMULATION (which is what your PS3 most likely has). If its not a "launch unit" it will NOT WORK RIGHT NOW.
Q: How do I know if my unit is a LAUNCH UNIT?
A: Check model number on back of PS3, if it is a launch unit it will be one of the follow: CECHA, CECHB, CECHC, CECHD
Q: Does this work on NTSC PS3's?
A: Yes - launch units only.
Q: What PS3's can use this method of PS3's?
A: Basically USA and Japenese Launch Consoles (20/60gb) that contain the Emotion Engine (PS3 Models CECHA, CECHB, CECHC, CECHD)
Q: Will it work on a PS3 with no Emotion Engine?
A: No not yet.
Q: Does this boot from PS3 internal HDD?
A: No you need a external.
Q: What version of SWAP MAGIC do I need?
A: 3.6+ or 3.8
Q: Swap Magic cant see my USB for somereason
A: It is probably not compatible, buy another one.
This post has been edited by ludacrisvp: Jan 28 2009, 01:01 AM