Now this little device does cost about 20 dollars, but as long as you have the money for that and extra hard drive space you can start playing homebrew (programs made for the PS3 or other devices by home developers and not professionals) and game backups.
From what I've read... you have to have system version 3.15 or lower in order to use this device, but I've also seen you can have up to 3.41 of the system menus. Either way, if you're willing and able to do this crazy stuff, I actually think you should. Of course, there's always a chance of bricking your device... so again, don't try anything unless you're sure you want to go through with it. The PS3 is a complex machine and therefore the technology to hack it is not complete. Use it as your own risk, but have fun if you do use it!
