PS3 finally properly hacked?

Original post: <a href="http://geohotps3.blogspot.com/2010/01/hello-hypervisor-im-geohot.html" rel="nofollow">http://geohotps3.blogspot.com/2010/01/hello-hypervisor-im-ge...</a>

This could make big screen HD video-conferencing\telepresence available for cheap in the living room.

Forgive my ignorance, but what practical purpose does this serve? Is it just to be able to use a PS3 for something else like a render farm, or does it affect how games can be played?

Time will tell.

Excellent news, if true I might buy one.

The incentive to hack it was much less since Linux was mostly available anyway.