i installed it like an hour ago... it was an attachment somewhere in this thread i think. don't expect it to do anything though except load and show any games you may have on your drive.
some have said maybe a direct boot game would work but i have no idea.
I wouldent really worry about being banned, people didnt get banned when the PSN Payload came out. and just look at the PSP, it works on PSN even with Custom Firmware. but only time will tell if you can get banned or not.