Even though the True Blue dongle as already been reverse engineered by a group of PS3 developers the True Blue dongle has updated it to version 2.2.A  There are some new features in version 2.2 some of which include support for playing 3.60+ games from the HDD.A  This means that you won't be limited to only using BD-R discs for backup.

You can also check out the PS3 Dev Wiki page and you can see a detailed description of what's involved in the True Blue 2.2 as well as some in depth analysis of its features and functions.A  If you are one of the people who actually has this dongle its worth checking out.