Update: All good things must one day come to an end, and alas, it looks like Sony's just decided to issue a mandatory update to all PS3s that breaks this jailbreak method. Heartbreaking, I know.
If Sony's PS3 gaming system took a step backward in functionality when Sony disabled its ability to install Linux, it's just taken two steps forward again.
t4nav, a Senior Member of xda-developers, has just discovered a method to hack the PS3 using a Nexus One or a Desire! All you have to do is:
and place it's contents onto the root of your SD-card.