YOUR PS3 CAN BE MODDED!

Pros

-Install games to your hard drive and play them without the disc

-Install and run hombrew applications like emulators etc

-Install custom boot animations

-Mod/Hack games

Cons

-Not PSN/SEN safe

If you use your PS3 with custom firmware on PSN/SEN there is a high chance you will get banned. Sony actively monitor their network and ban any consoles detected that are running custom firmware. We do not offer support for getting modded consoles on to the Sony network or unbanning banned consoles.

See here for more information about getting custom firmware installed on your PS3