For those who aren't aware, the PS3 has been cracked. :) Do not update to 3.42 or you will lose the ability to run this exploit. There should be a new workaround for PSN in the near future.
For those who do know, have you run the exploit yet and installed Backup Manager and PS3 FTP yet? If so, what method did you use?
I used PSFreedom ported to the HTC Diamond running XDAndroid 2.2. It takes a few attempts to load, but when the exploit succeeds, you will see your PS3 in a whole new light. ^_^
It's something I would consider, but I wouldn't want to be banned from PSN. It's not hard at all to detect the jailbreak, even if you delete it so I'm going to pass until it's basically bulletproof like Free McBoot on the PS2