To all the people who think it's simply an usb with a MFW in it, it's not.
It's the exact same as Cobra. You install a MFW that enables use of their dongle, and turn on the PS3 with the dongle on. If Cobra did it, I don't see why those guys couldn't (I bet they based this on the Cobra MFW anyway).
PS3 Slim CECH-3004A 160GB (500GB)
PS2 Slim SCPH-70004 - FMCB 1.8b