Guys over PS Jailbreak has just announced that PS Jailbreak Mod Chip now supports firmware 3.42, 3.50 and beyond. The PlayStation 3 firmware version 3.50 was supposed to be the one to really protect the console but PS Jailbreak gets support for this one.
We already have full how to guide to jailbreak your PS3 using PS Jailbreak Mod Chip so you can create backups of the original disks. Moreover, you can jailbreak your PS3 with Android phone using PSFreedom. Anyway, Sony must start a new safe firmware! [PS Jailbreak, via Engadget]