There is a video floating around the net of a possible PS3 loader loading from the OtherOS function and works on latest firmware. Apparently, the team haven't released it yet as it has issues with the latest games that require >1.7 firmware.
Is it real? Who knows. No doubt the video will be picked to bits until the release date.
I for one, hope it turns out to be real.
See the video at http://www.gametrailers.com/umwatcher.php?id=95179