I am almost positive Sony is going to patch this thing in the next update. This comment on ps3news.com pretty much guaranteed it for me.
Originally posted by another user
Does this work on firmware lower than 3.41? No, using it with a firmware lower than 3.41 boots to a black screen.
This means that this device will be easily patched by Sony. Since all they have to do is figure out why it doesn't work on patches prior to 3.41, and they will have a fix for it.
Not worth the money unless somebody can some up with another easy way to avoid firmware updates while still being able to play online.