Once a widespread solution arrives it won't take long. I think the PSP is the most likely candidate for most PS3 owners.
If this eventually gets ported to both Android and iPhone based phones, then that will also help a lot.
At 42% the cost of a new slim 120GB console (which is 300 bucks on walmart.com), this "modchip" is rather pricey. Their going to need to prove their support for keeping the hack working if I'm going to shell out over a 100 bucks. I don't want a 100$ paperweight, ya know?