Russian console gamer successfully work around a way to play PSP games on PS3. Yes, this is jailbreaking your PS3. He has already released the video proof.
According to GameSuper it was a really complicated and time consuming process by using tools which are not leaked to public.
"It was very hard 'cause I changed a lot in game files and a lot on PS3 internal HDD to get it work. Unfortanally I can't describe here how to do it manually - it's very long and hard and some components are needed which are not leaked to public, and I'm not gonna leak them either." Says GameSuper.
He is going to release a tool which will to convert EVERY game from PSP ISO to PS3-compatible version automatically. At this stage I am not sure whether it is legal or illegal process. We will be able to see it as soon as he release the jailbreak.
His project will contain of 2 parts:
1). A PC tool in which you specify input PSP ISO and output directory and just press Convert and wait 5-7 mins. After that you get full PS3 compatible game. It can be done with EVERY game.
2). A homebrew PKG for PS3 which needs to be launched only once to make some changes and copy some new files on PS3 internal HDD.
Enjoy his first video Showing GTS: Chinatown Wars launching on PS3.
Source: PSX-Scene.com