From the included ReadMe file, to quote: INTRODUCTION
For years, the security system of PS3 remained unbreached because Sony had a very good defense mechanism: Consumers could use it for more than just gaming by installing Linux via the "Other OS" feature.
Therefore there was little motivation for security researchers to investigate the PS3. However, then Sony (or SCE, SCEA, SCEE or whatever, we aren't exactly sure what is going on there anymore) made an unprecedented move:
Not only did they introduce a new PS3 model that no longer allowed the installation of an Other OS, but with a firmware "upgrade" they removed it from previously sold consoles.
While removing advertised features from a product (several years after its purchase!) is blatantly unlawful, having highly paid lawyers apparently allows you to get away with it- in a legal sense.
But when the law fails to protect the people, then some of those people, being clever and resourceful, help themselves. And that is what happened here. Sony sunk its own battleship.
PS3MFW is the next step in the process of returning to consumers control over their own hardware. Your PS3 belongs to you. You didn't lease it, and you signed no contract when you purchased it. It is your right to use it however you choose. It is your responsibility to do so within the legal boundaries.
PS3MFW allows you to tailor your PS3′s firmware to your specific needs, giving you a level of control you previously lacked. PS3MFW is open source. That means it is completely transparent, and anyone with the necessary programming knowledge can help to improve it and create new plugin tasks.
It is with great pleasure and joy that we are now able to present you with the first public release of PS3MFW Builder. A lot of hard work went into this during the past five weeks, by some incredibly dedicated and inspired people. We would like to thank everyone who contributed, the people who got this project underway, and those who did all the programming and testing.
PS3MFW Builder v0.1 has been successfully tested on all major PS3 hardware revisions, and in conjunction with OFW 3.10 - 3.55. It is NOT compatible with OFW 3.56.
Remember that this is only the very first release of PS3MFW Builder, version 0.1. With your support and feedback, we intend to create the definitive PS3 firmware solution that makes all other closed-source custom firmwares obsolete.
PS3MFW Builder is not distributed with any program code copyrighted by third parties.
Stay tuned for more PS3 Hacks and PS3 CFW news, follow us on Twitter and be sure to drop by the PS3 Hacks and PS3 Custom Firmware Forums for the latest PlayStation 3 scene updates and homebrew releases!
I have no idea if NTFS support would be added, but the recently released library is not for use in MFW. It allows homebrew devs to add NTFS support to their apps. This does not translate into NTFS support in GameOS. For example, it can be used to allow an AVCHD or other type of media player (think XBMC) to playback files from an NTFS volume. It does NOT allow a backup manger like MultiMan to mount games from an NTFS volume since GameOS is required to play the games once MultiMan exits.
Update: kakaroto and the other devs behind this are aware of the bug that causes this MFW not to be able to copy saved games to/from a usb source. They state that it will be corrected in the next release.