Well, since PDX are being such buttnuggets, not releasing any info about their little exploit, even after the euro launch which was supposedly the only reason they held out so long, I figured until they finally decide to play nice it'd be neat to think up all the insanely cool things we'll be able to do with our PS3s as soon as said exploit is released. I'll start!
1. one of the things on probably everyone's mind: backing up games to the (much larger than 60 GB after easy new HD install) hard drive, which means high definition version of no more getting up to switch out discs. I always wanted to do this with my fatty PS2: wake up, turn on the PS2 using the controller, turn on the (HD)TV with a remote, and play one of several choices of games, get bored? switch to a different one using XMB. Laziness hurrah!
2. Backing up PS2/PS1 games to the hard drive: maybe sooner than you think, with the euro launch introducing a software ps2 emulator reminds me of the possible compatibility of the official PS1 emulator for the PSP. PS1 emulation should work well even with sloppy coding or sloppy converting of either POPS or ePSXe since the cell is so powerful. Similar to #1: not having to get up to switch CDs/DVDs! WOOT
3. Can you say Daedalus PS3? If the PSP version is coming along, you can bet with a processor (more than?) 10 times as powerful as the PSP's, that a lot of the compatibility issues might be fixed. With a large hard drive, you could easily achieve a complete set of all N64 games ready to be...wait for it...started up first thing in the morning using the PS3 controller without having to switch cartridges :-D
4. SNES/NES/Genesis/Turbografx16 etc, etc.: are you ready for an improved virtual console?
5. Divx/Xvid player, wireless network compatibility: SMS version 3.0? It already supports hard drives,network, flash drives, really all it needs is a straight port to the PS3.
6. background music in any one of the previous things, except maybe the divx player. You know its possible.
Anyways, I like my Xbox 360 but honestly I think the PS3 will easily be the first to achieve even remotely similar stuff to the things on this list.
I guess since I'm wishing, I might as well wish big. It'd be even more amazing if somehow there was a hack after HOME is released, that lets you place an N64 replica in your room, hooked up to your TV, and then you invite three people over, sit down on the couch and start a classic goldeneye frag fest. That makes my mind asplode.