AFAIK this does not give full access to the deepest level of hardware... It will not allow ISO's or backups, it will not allow custom firmware to replace the GameOS... The best this will do for now is allow linux to be installed with GPU acceleration.
It bypasses the hypervisor, which allows direct access to some of the hardware, but it doesn't touch the really secure stuff.. For that, we need the root encryption key, which isn't going to happen anytime soon.
This might open up a little bit of homebrew goodness, but as it stands, from what I gather, it doesn't let you run pirated games.