This would just be cooler than hell and probably highly advance the amount of homebrew developed for the system.
Although I must say this, If this is being worked on, I would probably advise it to stay under wraps in a private forum thread. Sony is no doubt, probably watching and since they are being sued for this getting removed, they will probably try to find a way to use this kind of project against the lawsuit.
So yeah, I would try to keep something like on the down-low at least until the majority of the lawsuit stuff blows over. This may all be complete BS on my part and not even be possible for Sony to use this against us but I am just trying to play it safe. I dunno about you guys, but if we can potentially get some monetary refund for losing it in the first place from Sony, I would like to make sure nothing gets in the way or spoils that by any change. I WANT them to pay!
I really would love to see this make a comeback. Hopefully sooner rather than later. Good news, for sure!!!