shadoxi : nice work. keep it up! good to see some reversing still going on with proof.
All: No dongle or payload will be required if/when this gets reversed, Once the TB/Cobra dongles are reversed successfully we won't need any dongles/payloads etc, we have all keys for 3.55 so as soon as the info is made public it will be built into 3.55CFW very quickly by some great CFW creators like Rebug/kmeaw/etc.
Cobra supports PSX ISOs, as well as PSP ISOs and, on backwards compatible consoles, PS2 ISOs. In addition, it'll let you emulate PS2 ISOs on a non-BC PS2. It also supports BR and DVD ISOs on the harddrive, though there are much better solutions for that anyway.