What with the news at E3 of Game Genie making a return, I started seeing if there were any competitors also jumping to make a return and actually found that a PS3 version of xploder (the UK version of the Action Replay) already exists. Tried it out and it works.
Basically what it does is not RAM hacking like the old gameshark, game genie, xploder, action replay, and code breaker used to do. What the Xploder does is all game-save based. The xploder guys will typically hex edit a game save to add things like cash, unlocks, etc to the save, then allow you to download the save (or user submitted saves) and actually convert the save from their live or psn profiles to make it your own, overwriting the ID codes that typically prevent this from working.
What that means - A person can download a 100% clearsave, and depending on how the game is coded, it will also unlock all the acheivements or trophies as well. (Some games will only trigger an achievement/trophy unlock when you actually meet the criteria when playing). It also means that, for save games you can at least backup to a USB stick, that you can copy over your own progress to another LIVE/PSN profile. Want to make a stealth account so you don't get bugged with messages while you play - just copy over your save. Of course the obvious drawback is people cheating the achievement/trophy system. Unfortunately people running custom firmware on their consoles can still copy out those copy-restricted game saves and still spoof the system. So it has its ups and downs. For folks that don't give a rats ass about achievements/trophies this can be a much welcome backup method though.
Before anybody goes running off to grab xploder, note that the official forums are rife with customer complaints about not getting their serial key in their emails and never getting responses to inquiry. I believe the upcoming game genie will be able to do the exact same thing, though from my experience with xploder I got my key in the 24 hours they promised (used google checkout - xploder is a UK product and payment is in their currency) - but then had to look up a tutorial from a user just to figure out how to use the damned thing. I successfully cloned my Dragon's Dogma character data over to an alt and it loaded up and works fine. Only 2 trophies carried over (imo, that's a plus). Personally I won't have many uses for the device outside of helping my brothers get up to speed in their games. The achievement/trophy thing does piss me off though. I know there are a ton of people who play only for trophies, and while I don't like the trophy system at all, any worth the system would have to trophy hunters gets shafted.