The ps3 didn't become a mainstream console for years because of a $600 pricetag. Now that nearly 3+ years passed, and the console is about 35-50% less than it was at introduction there is some interest in hacking. Modchips were available for the console in it's second year of production. There also has to be a market for "hacking", otherwise there was no point when it was $600 in limited supplies, no less. Now it's plentiful, but the "gaming industry" is shifting back towards PC gaming for a year or so until the NEXT GENERATION of gaming consoles hit the market.. therefore, it's too little, too late.
As for the Xbox, now that Microsoft fired their ultimate weapon to ban subscribers to XBOX live with modified consoles, now hackers will turn to developer tools to build their own online gaming alternative and Microsoft will be out their little $50 subscription model as well.