this is big news for my friends in the modding community. A russian h4ckz0r has found a way to break the FW code & use a memory card to actively load exploits. he's calling his create the Memor32. You slide the memory card into your PS2 & hook the usb cable into it. The other end goes into the PS2 usb port. Supposedly, the code will load via the MC which makes it pretty much like the old independence exploit. How this guy will be able to make these for a decent price, well that's anyone's guess.
Homebrew, running legal backups & import games seem to be wide open now. No longer a need for a special chip or swap magic, this baby does everything.
source
Official website
i'm still pissed off that sony locked out the codebreaker on new slim ps2 v15. they have to pay for their evil now.