At each step, all of us did not feel like we were doing anything malicious or illegal. We were simply looking to modify the console we owned to get it to do what we wanted. You, the end user, benefited from this collective work.
If the precedent is set that we do not actually own the hardware we've bought, then each dev in that series of events will never release any of their work since it will mean being sued into oblivion by the hardware manufacturer. On the other hand, if the precedent is set that jailbreaking your console is legal just as jailbreaking your phone is, then not only will devs feel safe in their efforts to jailbreak future consoles, but other devs will likely join the scene knowing they can develop homebrew applications without receiving cease & desist letters from Sony followed by lawsuits.
In short, try not to be so short-sighted in the future. The stuff you have doesn't just appear from the scene aether, there are people who work hard to materialize these things, and if geohot loses this case, those hard working people will vanish. There's a reason the PS3 was unhacked for 4 years, and it's not because Sony's security was impeccable, it was because no one smart enough really tried. Imagine in the future if no one bright enough ever tries to jailbreak the next big console because they know it will mean their financial ruin due to lawsuits. This is what is meant when we say, "This is bigger than just geohot, and you should donate to help all of us." This really is a lawsuit against all of us; it's a lawsuit that says you don't actually own the hardware you buy, and we, as a community, need to stand up and fully reject this notion--whether you like geohot or not.