Originally Posted by santimaster2000
Official X360 Key Site (Yes, the name of the site it's the same as the device we're discussing about):
http://www.xk3y.com/news
And the official Facebook page, linked directly from the official site:
http://www.facebook.com/x360key
THEY ARE THE SAME GUYS !!! And you sir, are just, a moron 
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yes, that's how I found it too. Also, if it works like the Xk3y for xbox, Firmware for the drive and the PS3 will not be touched. The firmware for the drive will be "emulated" using a micro linux board that will be a middleman for the drive and the motherboard. It can also be turned off so the drive will act as if directly connected. only the Drive KEY is needed so the hardware can present itself to the motherboard as the correct drive.
They were able to do the exact same thing for the XBOX. The differences are that its a Bluray drive, which can be treated the same way as a DVDrom from the motherboard perspective but with a different firmware, only with lots and lots more sectors. The differences in technology are abstracted by the drive itself so to the motherboard, what's connected is a SATA optical device.
I'm pretty sure they have other stuff to worry about, like different DRM methods. The XBOX itself changed AP's a couple of times since the xkey came out. They were able to update the "OS" to handle it.
All in all, both of them (if/when it comes out) are Sata Optical drive emulators. by the way, the Xkey wasn't even the first Optical drive emulator. It was preceded by a long time by some for the Wii. Like the "wode jukebox" and the Flatmii.
It is not so unbelievable that this can also work on the PS3. Remember, This is working on the XBOX360 even though nobody has the "Keys" to the current xbox firmware. Just the "Key" to the Drive. The "key" to the drive also does not mean exactly the same as the encryption key, it's more the "Identification Key", that the motherboard expects from the drive.
I've had the Xk3y for a while now, but I don't think I'll be buying the PS3 version though. The Xk3y was/is expensive at around 100$. If this one is more expensive, I don't know if that would be worth it now at this stage of this console generation's life. I don't plan on buying many more PS3 games in this generation that I can justify 100$+ to be able to back them up. If the XBOX360 XK3Y had been scheduled to come out on December this year, I probably wouldn't have bought that too, for the same reason.