Given how much care software developers devote to releasing patches to the games they ship in poor shape (e.g. the recent "Fallout 3: New Vegas" is considered one of the most bug-ridden games in years, and the makers already released two incremental patches to make the game playable on the consoles and the PC platform), I'd say you have to be able to download bug fixes, etc. Not sure how this will fly with pirated games (presumably, the patches are only applied to legitimate goods), though.
Consider me skeptical. It will require plenty of effort to side-step Sony's inevitable countermeasures, and for what benefit? Most of the games offered today are of poor quality. Play a pirated version of these, or rather throw money at the few good things there are? How much time can you spend on playing games, anyway?
when you have the master key you can make the ps3 accept any media as original bought one even if it is homebrew or pirated dosent mater. sony cant do anything about it, they must make a new ps4 with better security to figth this one...
when it comes to bad programmed games, specially for the consoles where you must depend on a patch. if not the game makers make it available for download at your pc but only at xmb, you will propably not beable to play the game 5-10years later. this gives you a good reason not to buy it or just pirate it, console games should work out of the box, period. fallout 3 is a very good game and thank god, it is also out on the pc where these patches are far more available.
when it comes to the hacking/pirating i dont think sony or any game companies will suffer more than they do. there is enough of regular joes out there that aint to technical do to anything than just buy games. but for us few other it gives us a choice to do what we want and thats good. sony will now sell more consoles and game companies will have to make their games at higher quality than unfinished bugridden patch releases...