It’s been a while now since we saw the Playstation image in Dark-Alex website which give as a sign that a possible exploit is under going in his lab. And just a day ago Alek or Alex post in his about a possible installation of PS3 debug Firmwares is underway and one thing that is good about it that he open a discussion concerning that one day we will see a M33 Cfw for PS3. So all we can do now is hope and pray 
Here is some discussion in the forum below provided by Maxconsole since Alex Forum is in spanish.
Here we go.
1. Can the official PS3 firmware be decrypted ?
2. Will there ever be an M33 cfw for the PS3 ?
3. Are the any hardware limitations (modchips needed) or can the modding be done strictly from software ?
Concerned Gamer - 21 May, 2008 - 22:55:06
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Please don’t hack the PS3, at least leave the games alone. Just make it possible for homebrews to run, not games, plz.
Mike - 22 May, 2008 - 01:19:08
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@Concerned Gamer:
1. Official PS3 firmwares can be unpacked, checked and studied, but itself has its own encryption (with pkg signatures and self one) that blocks most of the things that its being done for the ps3.
2. Probably.
3. Depends on the modding you are talking about.
@Mike; homebrews would be, in my opinion, the very best and first thing to do for the ps3.
Alek - 22 May, 2008 - 09:57:10
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The Source (incl.image): Maxconsole.com
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3 Comments
Does this mean that there still won’t be any pirated PS3 games any time soon? My PS3 games inventory is in bad need of refurbishment and I can’t afford to purchase a new one.
Javis last blog post..Kizuna Satellite Internet Is The Answer
Yap,
not pirated let’s say back up games 
to make it sounds legal.lol. but at least we see the possibilities now, I guess before the end of the year as the best of the best discussing it already.
So anytime soon we can play our back-up games.@Javi -
@Javi -
Hi everyone I want to know if the PS3 can play backup ps2 games in these custom FW ? I really hope it can