I think it's like a pandora battery.
First, a jig stick (used like a special battery on psp, but for ps3) has been kidnapped from a sony repair lab
Second, geohot memory dump methods may have helped dump enough stuff in order to fully understand how it worked.
The result is a true complete hack (backups+homebrew under gameos)
but there is a very high chance next firmware update will kill it.
So, as always, becareful if you upgrade with next fw>3.41
I'm just a bit sad that 3D blueray support is not in 3.41 yet, that may lead to an exclusive choice in future : 3D blueray or ps3 jailbreak.
Of course cheaper clones will appear, but since it seems to be a hell of reverse engineering/data dump exploration/official sdk grabbing and usage work, etc... paying more now may not be theft but correct reward for the devs involved (I doubt we will know their true identity because Sony may react hyper violently to this major security break)
Of course, DO NOT connect to PSN after booting through ps3 jailbreak method (turn off ps3, remove dongle from usb plug and unplug power cord a few seconds for total safety before powering on the ps3 again), unless you don't care about account ban.
All I hope is that sony won't drop usb support now... (joke! or not?)
(if futur batches of slim ps3's no longer have usb port, you will understand why...)