yeah, I have around $1200 into mine. I play the PS2 games almost every day and only slap in Tony Hawk or Resistance when a friend stops by.
I'm going out on a limb and say that this will work with 1.30. I read the developer notes for 1.31 and there were some major security implications for blu-ray and the XMB. Then I asked someone to try swapmagic on their 1.31 and they said it wont load after the update.