The original PSJailbreak Team claims better games compatibility, but reports coming in seem to not be right. -- The released Backup Manager is named the same "manager.pkg" but does display v1.1 on the screen. -- Time will tell very shortly what is true and what is not, here is an earlier chat with them:
[16:21:07] Smeemi: Hi there!
[16:21:15] Smeemi: What are your promotions?
[16:25:16] Smeemi: and is the backup manager 1.1 coming out today?
[16:26:04] PS Jailbreak Sales: Yes
[16:26:11] Smeemi: What time?
[16:26:12] PS Jailbreak Sales: It will be on our site in 30
[16:26:15] Smeemi: 30 minutes?
[16:26:57] PS Jailbreak Sales: Yes
[16:26:59] Smeemi: Thanks
[16:27:09] PS Jailbreak Sales: Your welcome
[16:27:52] Smeemi: Any good features ?
[16:28:55] PS Jailbreak Sales: Compatibility with more game and ability to play with no game in disc drive
[16:29:09] PS Jailbreak Sales: We have been working more on updates fo 3.42 and 3.5
[16:29:15] Smeemi: Ok, great!
[16:29:16] PS Jailbreak Sales: That is more important for our dealers and users
[16:29:36] Smeemi: Compatibility wise.. do games like Modern Warfare 1/2 work now
[16:29:36] Smeemi: ?
[16:31:35] PS Jailbreak Sales: Yes
[16:31:53] Smeemi: Thanks
This is going to be good if this is true!
It seems to be out now, but PSJailbreak site is overloaded, look around for the file, it is out there!
Official Site: PS JAILBREAK - WORLDS 1ST USB CHIPSET
Download Area on their site: Index of /download
EDIT: Press  Square button on v1.1 GUI screen to direct boot game without a disc in the drive!