As expected, the PSJailbreak has been reverse engineered and an open source hack, that can be flashed to a cheap USB key, has been released.
The new hack, dubbed PSGroove, can be compiled and flashed to a Teensy++ USB Development Board or AT90 USB Key. The initial release of PSGroove had the ISO booting ability disabled because its developers are interested in enabling homebrew games without encouraging piracy; however, a second version with that functionality enabled has been released soon after.
