Right, I'm completely new to the whole PS3 modding scene. I did some work with PS1, PSP, and the original X-Box. I have a few questions. Is there a "softmod" such as was used on the PSP and X-Box available for the PS3? If so, what are the benefits of using it? Also, what is the benefit of installing Linux on the PS3? Any and all answers are appreciated.

There currently arent any softmods, or modchips available for the PS3. The closest thing you can get to this would be running the original PS3 (not the PS3 Slim) loading Linux on it. From there you can load an emulator onto it and play the old school Nintendo games and stuff like that. Thats pretty much your only option.

Actually, you can now jailbreak your PS3 via calculator and other various gadgets like phones. However, you need to be on a lower firmware for it.