Got this from GBAtemp. I'm not sure if its true or not.
PS Jailbreak is a USB plug and play solution that installs in seconds, keeping your valid warranty seal in tact.
Easy to use installer and GUI takes you step by step.
Compatible with all production models FAT and SLIM. Supports all regions: USA, JAP, PAL and KOREA
PS Jailbreak disables forced software updates and will never brick your console.
Supports all games (it does not allow backups of bluray movies , dvd movies , or past consoles games)
Backup games to your internal hard drive or external hard drive through USB, and boot directly off GUI. Eliminating the need for expensive blueray burners and costly blank media.
Play backups off your hard drives 2x as fast as off the blueray drive. This eliminates lags and glitches to provide you with smoother game play.
Open up your console to a new generation of homebrew applications. Load homebrew apps/games off any USB hard drive/flash drive.
Fully updatable with new features/updates by connecting PS Jailbreak to any computers USB port.
Source: PSX-Scene (with screens)
Website: PS Jailbreak