61w ago - Following up on the previous Blu-ray drive emulation rumor, today modrobert has announced that 3K3y, a PS3Key (ODD) - essentially an XKey for PS3 - is incoming shortly with some preliminary details outlined below.
Still can't get too excited at requiring additional hardware to play PS3 games with the advent of PlayStation 3 Custom Firmware a few years ago though.
To quote from EurAsia (linked above): I just got word from a well known team that will make PS3 owners happy!
Watching the video and drooling!! With those few words I hope to keep you interested...
Below is a picture (via facebook.com/x360key) as well.
More info while waiting for the video: In order to retrieve the needed BD drive key, Team 3k3y (aka xk3y) will release a PS3 software tool which requires CFW 3.55, after the key is dumped the PS3 can be upgraded to latest official system update (firmware/XMB) to get PSN etc.
The team is exploring other options to dump the required key as well, more on that later.
I'm relatively sure it does support original discs as well, but will confirm it anyway. Pretty much same functionality as xkey.