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Alot of users are reporting success and playing backups.
It is unstable though, but it seems to only affect certain models of the PS3, there is a compatibility chart floating around.
I'll still wait til something with more features comes out.
Correct me if I'm wrong, but doesn't the PS3 have a dual-nand system, in that if the software on the Primary NAND is unusable, it will fall back to the second and allow repairs from that?
Yeah, the older models have 256 MB of NAND, whereas the new models only have 16MB. Those with the larger NANDs appear to be the ones bricking.
Looking at Math's tweets it seems like Waninkoko's supposedly simple Lv2 patch also seems to have zero'd out a large part of it as well, which may be the root of the issues. Original Tweet.
I wish Twitter had a wall-to-wall feature like Facebook, would allow following conversations to be so much easier.