Update: CodeTwink has confirmed that PS3 Firmware update version 3.55 blocked access to lv2 kernel "execute" access, however, if you can patch back in a method to lv1_write_htab_entry, you can re-enable this area.
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Today Sony Network Operations Americas VP Eric Lempel has announced that PS3 Firmware update v3.55 has arrived and simply adds a security patch.
Download: PS3 Firmware Update v3.55 (US) / PS3 Firmware Update v3.55 (EU)
More details are posted below, and to quote: "A new PS3 system software update, v3.55, will be released soon. This is a minor update that adds a security patch."
As expected, the PS3 Firmware 3.55 update works with the E3 Card Reader so you are still able to put the PS3 in Factory/Service Mode, however, Sony has revoked lv2diag.self file_1 patching the ability to downgrade (via PSDowngrade or PSGrade) or JailBreak PlayStation 3 consoles on Firmware above version 3.50.
Currently it is possible for PS Downgrade / JailBreak users to exit the PS3 Factory/Service Mode and get back to a normal Retail PS3 console using the lv2diag.self file_2.
Finally, although not recommended for PS3 homebrew fans, PS3 Firmware 3.55 is a mandatory update for those seeking to use PSN.
While some have reported the various bypass methods are temporarily working, more promising solutions include PS3 hackers continuing work on decrypting PS3 Firmware 3.50 with version 3.55 next in their sights.
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