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Update:
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In advance, thanks to Red-EyeX32 for pointing this out in a Skype conversation. I'd also like to clarify that since PS4 was built off FreeBSD, the sandboxes are called "jails", so jailbreaking is the correct term.
At about 9:28AM EST, CTurt has claimed that he has managed to break the webkit process out of a FreeBSD "jail" (or sandbox). For those who don't know, jailbreaking was coined as you were "breaking out of a jail" or sandbox that an application is in, as if an application is sandboxed and you gain remote code execution, the damage is contained within that jail (very similar to sandboxie which is used here to check programs for Remote Access Trojans).
Now this hasn't been confirmed however CTurt is a known, trusted source of information and has already released some tools such as the PS4 Playground Tools and his open source PS4 SDK. He's also stated within the last hour or so that he has managed to dump RAM from process such as "SceShellUI". This is a huge step forward towards the possibility of custom firmware for the Playstation 4. Below are snapshots of the tweets of his announcement of the
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Now there's still much to be done, including lots of reversing and other exploring to do, however as I've said it's a big step. This only works on firmwares 1.76 or lower, but that doesn't mean indefinitely that there won't be more exploits in the coming future for higher firmwares.