I've been reading about ps3 cfw and jailbreaking. At first i was told that those of us on 3.55 cannot play backups and are stuck until there is a 3.55 backup loader. However i keep seeing people talking about eboots, bins, elfs, signing, and decrypting and now my head hurts. Could somebody clarify what the situation is on the ps3 scene? As of now im on 3.55. What do i have to do to run backups?
You most likely will need to downgrade to 3.41. BD Emulation is currently only supported using the jailbreak method. There are some ways to decrypt the EBOOTs of games and convert them into launchable games in the XMB on 3.55 (just like a PSN game) but this doesn't work for every game. Check out the front page news for an article on a 3.55 to 3.41 downgrade.