DevHook is really oldschool. Today the use of Custom Firmware is the way to go.
For example 3.40OE by Dark Alex. It is basically a combination of good old 1.50 and Sony's 3.40. It gives you all the features of the newer firmwares, without losing be ability of playing homebrew.
And it's even safer than 1.50: If you mess with your flash0 on 1.50, you're screwed, on 3.40OE there is the recovery menu: If you're lucky you can recover from a semi-brick.
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