I have little to no knowledge regarding the Playstation 3 hacking/jailbreaking scene. I've just bought a PS3 that has firmware version 3.42, and I'm wondering whether I should update it to the latest version or whether that will lose my ability to install homebrew/backup my games to hard drive etc.
If I were able to install a custom firmware - would it inhibit my ability to play newer games, or play games online, or increase my chances of getting banned from PSN? If so I might not bother jailbreaking... I'm over that whole piracy thing now! :-)
Does anybody have any information, or could you link me to any decent forum posts/FAQs?