The PS3 homebrew community is currently enjoying a growth spurt, but here's a strong reminder to be very careful about what you stick into your console. Someone has created a false PSP emulator for the PS3, wrote up convincing instructions to install it, and has now left a number of PS3 consoles completely bricked.
The faker goes by the name TeamICE and has released the so-called PSP emulator in quite a few forums and hacking communities. The accompanying readme was apparently legit-looking, providing details on how to get PSP games running on a PS3. Those who've tried it out now have bricked consoles.
Be warned, and please be advised.