It's code name is "The Last Mile", obviously a pun on the end of pS3 security measures. It's apparently an all round dongle, able to NAND and NOR flash a large variety of consoles out of the box! It is even compatible with the notorious infectus chip, for added features. At the moment we aren't exactly sure of its full potential (although a lot are hoping it will fix bricks), but in the days to come more information will be available, or better, an official release.
The software developer has kindly left some detailed information for us :
To quote www.ps3crunch.net: