well half way anyway,
I have a 2.10 80GB PS3 and I was Trying to see if it was true or not its not easy but I was able to duplicate what is done in this video (http://www.youtube.com/watch?v=YGSE5_sxjpU) up to the part where the ps3 hangs at a black screen, but I didn't follow the video (completely) and I screwed up :Argh: the game I used was UT3 but Just to confirm this exploit actually works. It is not a load of crap like a bunch of people here are saying about that site. And yes this does crash the PS3 but if your quick enough you'll pull it off.
Just trying to clear things up!