Two days ago, Sony came out in a statement saying that they will abolish OtherOS support come April 1st with their latest 3.21 firmware update, which is, of course, mandatory (and unlike all the rubbish that comes with April fools, real). The news are something that many PS3 users aren't very happy with, as the OtherOS on the PS3 - Linux for most people, is used for a great variety of things - from Internet browsing to programming.
Naturally, this whole story couldn't properly unfold without the man responsible for the rather sudden update, George Hotz, better known as geohot, responding to the issue somehow - I'll remind you that he's the one to first crack open the Apple iPhone and now, the PS3, using Linux and provoking Sony's "security-over-features" response.
Summarizing his blog post in as few words as possible, he has said that the ones interested in his OtherOS exploit should not update to Sony's official 3,21 firmware and should simply wait for him to figure out how to both update to 3.21 and retain OtherOS support - through custom firmware, perhaps.
Check out his original blog post here.