Wow, you should not judge them so early. First of all, the firmware in the beginning of the second video seems to be a CFW 3.55 with a 3.70 spoof, otherwise the PS3 wouldn't ask for a 3.55 or above update file in the recovery menu. The USB dongle inserted at that point of time is most definitely a USB Storage Device with the "CFW 3.55 Dongle"-Update Files on it. After having installed this firmware he then inserts the "JB2 Dongle".
This is no longer a Jailbreak as we know it as the Power-Eject mechanism is left out. It is more like the method the Cobra Team succesfully uses for making their dongle 3.55 ready. They created a CFW that acts as an OFW until the dongle is inserted. You don't need the power-eject anymore and the USB slot doesn't seem to matter as well.
Indeed, the videos and the confirmation of some Indonesian resellers are a good proof that this dongle does exist and does play 3.60+ games. Now it is the question if capable developers will get their hands on this as it seems to be only distributed in Indonesia.