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Actually currently you need to hack the PS3 with the USB dongle. This will change once the disc keys (and any other keys that might be needed) have been recovered. Later on this should change, however.
I have no doubt Sony will attempt to plug this via some "security" related update. And once they have they will insist that in order to access PSN you must have that update installed.So Sony's security/protection scheme has failed. And its neat that we will have the full access to hardware that was previously blocked by the hypervisor.But I think labeling this as "epic" is premature and I don't think this is over yet (not by a long shot).