All of my games work fine. Installed on internal HD. Some do need a disc in the drive before they will load (LBP2, Battlfield BC, Heavy Rain). All updates from PSN work fine.
The only issue is sometimes Multiman freezes, requiring a hard reboot. If that issue was solved....wow, what a setup. Much better than dongle days.
I did a full format of HD, reset all settings on Ps3 and then OFW 3.55 > Kmeaw CFW 3.55 > Multiman 3.55 Mega
Ps3 Phat - CECHG03 - Internal 750GB WD HD - Kmeaw CFW - Multiman 1.13.00