The original Xbox is still used today by many because of its media and game backup capabilities once the console is hacked. Much like the original Xbox, the PS Jailbreak appears to do the same thing for the PS3, allowing you to copy games to the hard drive, and eventually allow you to install homebrew software for emulators and much more.
At this point, the biggest concern would be the hard drive space on your PS3, a 500GB hard drive is probably the way to go, but much like the original Xbox, you can always transfer files back and forth to your PC.
After numerous amounts of videos out, showing the simplicity of the PS3 Jail Break, this video is the easiest to follow. check out video below.