Looks like theirs been a proof of concept released over at elotrolado. I haven’t really had a chance to monkey around with this but to install it you need to have 5.00 m33 or above with 1.50 kernel add-on. Place the pspgrove folder in GAME150 then place the mymodule.prx in the root of your memory stick do not install it in seplugins.
You do need a Psp 1001 (Phat)
Download: ProofOfConcept
Download 1.50 Kernel add-on
[Source] Development is being done by nullEX (Kudos to him and his partners)
Update: Better POC this one registers on my pc unlike the one above and is in english, this does not need 1.50 kernel and works on the slim. (Confirmed by ironciuffo)
Download: Here
New POC Instructions
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Go into usb mode.
Extract the rar file and move “pspgroove” to GAME5.XX folder on your memory stick.
Disable any plugins you might have enabled.
Run psp groove it should run without any errors.
This does not do anything yet to your ps3 just a usb hub that will eventually transmit the exploit