It didn't take long at all once the information is out there. The PS3 hackers now have a few of the 3.50 Firmware only games running on Firmware 3.41. The list of games include Tales of Graces F, Need for Speed: Hot Pursuit, Gran Turismo 5, and Harry Potter And The Death Hallows Part1. They are using what I assume to be hacked Firmware 3.50 Game EBOOT files.
The first steps seems to be decrypting the file, modifying some portions then resigning it but keeping the information decrypted. This seems to allow the older firmware to work as it doesn't fail in decrypting information that was encrypted with a key it has no knowledge of.
Though if a game uses a newer SDK with API calls that do not exist in the older firmware it will crash at that point. So even though GT5 uses a newer SDK it doesn't yet seem to make use of the newer API calls so at least one version of it is still very playable. I think it's multiple versions have to do with what region they were released in, but I could be wrong on that point.