Currently it is getting mixed results with different PS3 Custom Firmware (CFW) versions, including a working confirmation from StanSmith and a non-working report from MiNDTH3G4P.
Feel free to give them a try and post your results (with the PS3 Firmware and version details you are using) in our ongoing thread.
Note: As posted by Easton999GS, be sure to run this application in 1080i NOT 720p or it will black screen on you!
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!
Yeah, I doubt they will bother patching it before 2013... after all, they didn't fix the previous one that soon and with the holidays here I can't see it happening sooner.
I don't use PSN myself, but I imagine if someone with a banned PS3 uses this app to unban it then they would just create a new PSN account tied to their newly unbanned console. So although being able to unban PSN accounts would definitely be cool, it may be overkill since it only takes a few minutes to create a new one anyway eh?
Thanks for the positive feedback, and I believe banned accounts can be 'allowed to access PSN' by manipulation of PSID i can't be sure though, maybe i'll look into it at some point, I however don't think there is a way to 'unban' them no.