Source : http://www.product-reviews.net/2010/01/26/ps3-hacked-by-geohot-a-first-look-at-exploited-console/ so, I doubt this "hack" is going to be available in 2010, seeing as how unstable it is but if it was available, would you risk it?
I wouldn't risk it unless someone gave me another PS3 for free. Also I'd never think of playing backup PS3 games unless playing PS3 games via HDD was an option. The one thing I'd be really excited to see what it can do with emulation. We know it can emulate PS1 games like a breeze and has the ability to emulate PS2 games. So who knows what else it could handle once the homebrew scene grows for the PS3.
