The Cobra USB Team have announced that they are currently working on a solution to enable Cobra USB on PS3 firmware 3.55.
News Source: Official SiteWe are pleased to announce that we are currently working on a solution to enable Cobra USB on PS3 firmware 3.55, with the release expected to take place a few weeks from now. This will bring all of Cobra USB's ground breaking features to the more up-to-date firmware, with the added bonus of removing the need to perform the power/eject cycle to enable the dongle - this will become totally automated. Support for 3.55 will be provided simply as a Cobra USB firmware update, meaning ALL Cobra USB dongles will be supported without the need for a new hardware revision. We will make further details available as the release draws near, keep an eye on this website for updates!