Mathieulh and his crew have released their long awaited "free" version of the PS Jailbreak code.
To the dismay of the majority of people waiting for it, though, the team have disabled the ability to install games. If running unsigned homebrew code is your thing, though, grab a Teensy++ USB Development Board or an AT90USBKEY and have fun. Or wait for a "third party" to enable Backup Manager support.