The master PS3 security key was found by infamous iPhone hacker, GeoHot. When the keys are applied to code, the PS3 will believe it an official piece of retail software.
By software signing homebrew, there will be no need for modchips, dongles, or any crazy soldering. If anyone remembers Dreamcast copies, it will be just like that, but with USB drives and 100% more Wii Emulators.
Since the PS3 wanted to badly integrate the PSP, the PSP master keys were found within the system too. Every piece of Sony gaming hardware has been hacked to the point of no repair.