Apparently, George Hotz, the guy who found PS 3 hack, had noted on his blog that the PS 3 owners should resist updating their consoles with official 3.21 firmware. Hotz said he will look into a safe way of updating with official firmware 3.21 and also retain the "Other OS" support. Hotz noted, "It'll just be a custom version of 3.21 that doesn't lose OtherOS support."
Sony cited security reasons for which they'll be removing the 'Other OS' support. We just don't know how soon will the hack with Custom Firmware for PS 3 is due. Those who choose to wait won't be able to sign-in to the PlayStation Network. The PS 3 remained unhackable for a few years and now, the action to remove one of the distinct features has ticked the hackers.
If Hotz is successful in finding out a hack for installing custom firmware, a whole new community of PS 3 hackers will arise.
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