249w ago - Update: It's now confirmed as a fake guys.
Today Spanish PS3 Developer DemonHades has announced news that they may have decrypted the Sony PS3 HDD. We will update the 'rumor' status of this when more questions are answered of course.
Several PS3 Devs including NDT are currently investigating whether the method can be repeated in other PS3 consoles, or just for one console only (possibly brute-forced?) as it's already known the key differs between each.
Below is a picture of a font on the PS3 decrypted, followed by some preliminary (roughly translated) details:
The key is 512bytes is a sha1-4096 (512 bytes per sector). The key is xoreada own... To be sure it was not a simple xor as speculation... text still appears ... /cell_mw_cfs and more text: