Some of you may have already heard of this.
But for those of you who haven't, CPS3 emulation has finally become a reality.
Here's the blog of the guy who apparently broke the encryption (It's in Spanish though)
http://andreasnaive.blogspot.com/
Here's a summary that's in English:
http://www.exophase.com/industry/cps...roken-1195.htm
EDIT:
Haze's page came back online; has the latest news about what progress has been made:
http://haze.mameworld.info/