Below is a picture, and the announcement from their site, linked above:
Currently, news spreads on Internet regarding some brand dongle companies have capable of downgrading PS3 firmware from v3.50 to v3.41.
PS3Break dongle is ultimate testing. It will be officially launched in the next few days! please expect together !
So it appears all of the PS JailBreak PS3 modchip clone devices will utilize the PS3 downgrader functionality, and here is to hoping a free version also surfaces soon.
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!
If its a slim it will more than likely format your hdd as some of the data is stored within the hdd whereas if its a phat you will be ok. Something to do with a larger NAND storage on the older phat consoles.