I wouldn't be surprised at that myself, considering once the PSP was hacked he started in with his PSP CFW releases.
Of course it's a little premature to speculate that far ahead since we don't even know the extent of things yet... chances are, if GeoHot is finishing his work solo it will take him quite some time to reverse everything.
Here is to hoping he does share some more progress updates along the way though, which from the sound of things, he plans to.
A Tool isn't needed, however, the only issue might be in running PS3 backups... the possibility exists that they may end up needing to be dumped properly via Debug PS3 the way some Devs have been doing all along. If this is the case, CJPC will release a complete guide with all the necessary tools of course so don't worry.
However, if someone cracks the isolated SPU that may not be an issue at all, as then it may be possible to make the SPU decrypt the data after patching the kernel... of course the BD drive will also check the data, etc.
The above is all rampant speculation though, as until GeoHot posts more details it's all anyone can do pretty much.
If this does lead to homebrew on the PS3, is there a chance that Bluray Drive keys can be extracted and flashed onto a different drive so that you don't have to use the drive that came with the PS3's motherboard?
This is great news but a lot of commenters seem to be jumping the gun. I have no doubt that Geohot has performed a significant feat, but there's a lot of work before we see homebrew and ISO loaders (and there's no guarantee this will even lead to that).
Regardless, I am pretty excited about the possibilities. If nothing else I think it will open up some new avenues and perhaps give devs some new ideas.
Very impressive, can't wait until we are able run homebrew XBMC-PS3 also ISO loaders can be useful in some cases but not really my cup of tea, I much perfer to have my stack of games right at the side of my console, it just looks so much better