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The PS3key team (believed to behind Wiikey) just posted this status on their FB page - "Good news everyone! Our mad scientist has confirmed that getting into the console is as simple as pretending to be a USB hub! It doesn't look like this is going to take any more than a few weeks!" In other words, their clone of PSJailbreak is coming along nicely.

To be a little more technical, it is pretending to be a 6 or 7 port usb, (Since the Ps3 does support them) and it is using the code that has been dumped already to do a stack/buffer overflow(Google it).

Nice. Defintley going to be keeping up on this.