via http://ps3.gx-mod.com/modules/news/a...p?storyid=2903

E3DIY Team has released a video of their future chip to the downgrade of a PS3 FW 3.70 to a 3.55 FW. The developers suggest that this method requires no welding on the PS3 Slim (unlike PHAT), it works on the NAND and NOR, and that is done in one click and in less than 5mns for the entire operation. The video does not show the flash to E3 secrecy around the unit.