The internet is quite resourceful, and the news has been everywhere since quite some time.
It is not a modchip, just a jig that uses proprietary sony software to allow the ps3 to run unsigned code.
It requires you to be below a certain firmware.
Your ps3 will be blacklisted from PSN if you use this jig.
I think that is enough information for now.
Please note that any posts that lead to piracy or posts that contain links to pirated or confidential material that may be the property of sony corporation will be deleted.