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basically a payload like the one used in the 3.41 jailbreak (hermes) is loaded into stack overflow when the ps3 tries to read this the payload is loaded into memory and you get unsigned code execution. but the problem is that ps3 is using the stack and it copies something to it instead of reading first.
so the payload which has been loaded there is being over written before it has been read and is deleted so if you could somehow make the ps3 read from stack or load the payload just before the stack gets read the payload would be loaded and you have a new jailbreak.
Generally, assuming that there is already a user mode exploit (think an exploit in a game), using this exploit will allow you to elevate permission to kernel level. The simplest way to think about it is the PSP exploits, and how multiple exploits were needed. Generally, of course!