Tried to find out as much as I could.
Below is a video demonstrating the E3 Flasher -- downgrading from firmware 3.70 to 3.55... The device itself isn't shown -- "In this video there no images of the E3 FLASHER as we need to keep our design under wraps until it is ready for release."
E3 FLASHER compatible with all NAND FLASH and NOR FLASH consoles
With SLIM Consoles, no need for any soldering!
With PHAT Consoles, some soldering will be needed
Thats more or less the only info I could find. Could be interesting times ahead fro the ps3.
Anyone else heard of this? Looks like you will have to open your console. This makes me a little nervous