The PS3 Jailbreak hack is still a rather pricy option, but a free PS3 jailbreak hack is underway. This is an overview of the developments concerning the (free) PS3 jailbreak hack.
Free PS3 jailbreak hack possible, but not yet promised (link)
PS3 hacked via USB device to allow backup game playback (link)
Will Sony ban hacked PS3â€™s from PlayStation Network?(link)