Don't update to firmware v3.21 on April 1st (I hope I'm not falling for some bad April Fool's joke here...). It's going to prevent Linux usage even on old PS3s which will make BD dumping impossible. Just in case you didn't hear the news yet.

According to my sources, the PS3's copy protection schemes have not really been cracked (yet!). It is possible to create disc images directly on the PS3 -- PC Bluray drives supposedly fail to recognize the discs. This works via Linux, albeit only on the old, fat PS3 as installing Linux on the slim PS3 is not possible anymore.

A simple dd if=/dev/cdrom of=/image.bin dumps the Bluray to HDD. The image can be burned to a BD-R but the PS3 does not read it, of course. Therefore, as far as I know this is currently only interesting in terms of preservation. I don't know if this method extracts the ROM mark (I strongly doubt it), which doesn't really matter as the ROM mark cannot be burned to a BD-R anyway.

Bluray movies can be dumped the same way on the PS3, by the way. They need to be decrypted via AnyDVD in order to be watched, though. This is also possible through a normal PC Bluray drive so you needn't really use the PS3 for this.

All in all, the PS3's copy protection mechanisms have worked remarkably well so far. It wasn't until this year that an exploit compromising the hypervisor was discovered -- it's still doubtful if this helps playing burned games in the long term. It can probably be patched away easily by Sony.