I wonder how it will work. Like how do you use a specific cheat in game. Will there be a special menu option on the XMB or maybe you have to install an app? This will probably be reversed and released for "free" after a while.
Just like the Gameshark & ActionReplay good old days, cheating devices aren't established on the ps3 up to this moment because of the various encryptions on the system, seems like the jailbreak has a major part in this.
While i do agree that cheating online is wrong, I for one am happy about this news, I prefer to be able to cheat in my single player games, especially games like final fantasy that include way more grinding than I have time for and/or games like demons souls that do not have an easy difficulty level.