How to convert the PS3 into a PC
Popular Mechanics has published a guide showing how to convert a Sony PlayStation 3 to a full-fledged PC. It has been long established that the console's Cell processor is akin to those used by supercomputers, though this is probably a first in terms of a major exploit.
(Credit: CNET Networks)Best of all, the magazine says the Linux operating system makeover is perfectly legitimate and relatively risk-free. The procedure involves a hard drive upgrade and relevant software installation. The latter, such as Ubuntu, can also be downloaded free online.
The hacked console retains all its original functionalities and can be easily toggled between console and Linux mode via user selectable dual-boot function. However, you will have to back up all game data into an external storage before installation.

Check out http://www.howtodothings.com/hobbies/how-to-turn-your-ps3-into-a-linux-ubuntu
Sounds like it could be a pretty cool project.
The process is totally safe for the console, the only delicate part of the process is the Sony partitioning, witch is a feature of the console it's self.
Cheers!
Does anyone had any info on it???
Installing Linux on the PS3 is an advertised feature
Installing Linux on the PS3 is supposed by Sony
Installing Linux on the PS3 was possible from Day 1.
Sony will even tell you HOW to install Linux on the PS3
This is like claiming you "hacked" your Xbox360 to be a home media system by plugging a USB drive full of movies into it.
So WHY exactly is there an article written on May 20, 2008 claming you can "hack" your PS3 by installing Linux?
You don't even get full hardware access in Linux mode, the GPU for example is completely off limits.