I would have posted this back in November, but I was afraid Sony would patch it. Turns out they did... well SM wont load, but I don't know if the XMB exploit still works.
Swapping doesn't work for BDs. Even legit ones. I still want to try swapping a legit game for its backup on BD-R and see if it loads. I read with fw 1.31 it wont, but might on the lower versions.
Its odd that this works with DVD PS2 titles, but not CD. That will produce an error.
Unfortunately HD Advance or similar wont work, because you have to go online to get the PS2 HDD update. To go online you have to update to the latest firmware.