OK, let's take a moment to summarize this.

What's going on?
Fanjita and others believe they have found a new TIFF exploit, which may be compatible with all firmwares 2.00 and up. If you remember the first TIFF exploit on 2.00, it allowed us to run homebrew applications and even downgrade to 1.50, without using additional software, like GTA:LCS. Hopefully, the same results will apply here.

When can we expect Hello World, or even a downgrader?
Well, you must remember that this has only been tested on 2.01, but should work on all other firmwares. Hello World may take a while to be completed, if it CAN be done. It may take longer on higher firmwares, as it may have been patched by Sony later on. As for the downgrader, first we'll need to see if this exploit can lead to kernal access. If so, a downgrader will come soon later.

Can I talk to a dev?
Well, the IRC chat has been closed for a while, most likely to be used for development chat. You have to remember that they have been working on this for more than 60 hours, and probably don't want to be disturbed! Let's let them do their thing. Less distractions mean faster results!

That's pretty much a wrap up of what's going on.