Re-read my replies in this thread. The game is encrypted and can only be decrypted by version 2.0 firmware. Even if we had a hacked bios (firmware actualy) it would not be able to decrypt the encrypted eboots.
Its not the same as the xbox. Well, saying that, it is kinda like the xbox with its encryption, but you cant expect it to to be cracked/hacked in 1 month.
Even is there was a hacked firmware released, as soon as a new game was released, it could contain a newer form of encryption, which would leave the hacked firmware obsolete.
Give it time, a watched kettle never boils.

hah i see, right after i posted this though, i read somewhere that umd emulator might incorporate something to load the firmware in flash, so that it could boot the games, but the firmware would not be "installed"