According to the source:
Originally posted by ton23
the only thing it needs now is a button-holding-code to get out of the elf and back to ps2menu w/o restarting the console.
I just found that out, but I can't try it right now. Anyone got it to work? It looks like it always looks for PS2MENU.ELF on the root of pfs0: and it says later:
// This will try to terminate an ELF program we have called and
// try to reload the PS2Menu ELF, if the reset button is pressed
So at a guess it's not that useful at the moment. Plus at the very least you have to get up and wander over to the PS2.
// Doesn't work most times because, at the moment, we have limited
// control over what a loaded ELF has done to the system.