If its a direct clone then I would expect you could also use the PS Jailbreak's firmware/updates on it.
I agree with nearly everyone. Will wait for a cheaper release. The more clones the cheaper it will be. If it does go down to $15 then I'll get 2 but at $150 I won't even get one.
Isn't it a hardware USB dongle? That means there will be NO free software version so why are people still asking for it?
It's just like the PSP battery. There is no software version. You still need the hardware battery even if it is software modded, its still a piece if hardware.