By installing a custom firmware, even if you revert to an official firmware later, you automatically void the official PS3 warranty. Installing an unofficial firmware also breaches the terms of service, eliminating the possibility of Sony servicing the console. Should the hard drive or another component stop working after you've switched to the custom firmware, you may end up paying close to the retail price of the PS3 to get it repaired.
Bricks PS3"Bricking" is a common term used by modders and custom firmware users as a way to describe the PS3's usefulness when it stops working completely, which is a possibility whenever you install a custom firmware. The bricking process can happen during installation or weeks after. A bricked PS3 is useless, has no value and can be very difficult to repair if repairable at all.
Lack of PSN AccessSome custom firmware can't be connected to the PlayStation Network. Because custom firmware enables the possibility for hacking, Sony is very serious when it comes to banning custom firmware users. Even if the custom firmware you plan to use can connect to PSN, it may still be banned, locking you out of multiplayer and all PSN-related services.
Security IssuesCustom firmware is more susceptible to a security breach. Any personal information stored on the PS3, including your credit card, address and PSN account information could be stolen by the creators of the firmware. Even if you're using a custom firmware by a trusted member of the modding community, Sony or the retailer you purchased the PS3 from won't be able to help you if your information is breached, as you willingly breached the terms of service by installing an unofficial firmware.
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