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Sorry to sound like a complete noob, but what exactly is Cobra for PS3 CFW. I currently have a CECHK03 PS3 Ruuning Rebug 4.65.2 with Cobra 7.03 CFW CEX. Ive never actually understood the function of Cobra in CFW's and it would really help if someone shedded some light on this subject for me. I apologize if a thread about this has already been started.
It lets you run PS2 backups, use iso formated games and run plugins.
I recommend you just leave it turned off and forget about it. Unless you want to run PS2 games without converting them it just causes issues with other things with no real benefit.