As wonderful as it is to finally see this come to light, I believe that Geohot would still be sitting on this if not for fail0verflow. They forced his hand. As this was his "ace in the hole", and knew it would be ultimately be used for piracy. So he had to release it before they did in a last-ditch attempt for some fame and hopefully a tele from Sony HQ.
Like someone who's found the cure for cancer refusing to share it with the world, instead opting to hold out in hopes the pharmaceutical companies buy you out instead.
Not a perfect analogy, but jesus some things are meant to be free in the wild, for all to see and enjoy. Love him or hate him, spare me the flames because this is just MHO.
Also, those pricks at Sony oughtta send him a fat check anyway seeings as he effectively delayed the scene all this time, to their benefit and delight. Unless that's what was going on to begin with.
This, dongle-makers... wonder who/what's going to be the next roadblock to progress in name of the almighty $$$.