(via PS3HAX)  Team ICE and SorroW have released a "overflow.tiff" exploit today which is confirmed working on PS3 firmwares up to 2.10 on BOTH PAL and NTSC consoles.

At the moment the TIFF file freezes the PS3 via "heap overflow" (not buffer overflow), but by knowing the "backend number and making the right calls" it is possible to inject a simple code."

This is mainly being released so other hacking teams can take a crack at it, and hopefully it can accomplish what all PS3 hackers have been patiently waiting for. (Team ICE could not get the full potential of this TiFF becuase they lacked the PS3 SDK)