PSFreedom Ported to HTC Incredible

Maybe I'm blind, but looking on the PSFreedom Page, the wiki, and kakaroto's blog, I can't find a page that explains what the hell PSFreedom does! I mean, I know it hacks the PS3, but what does it offer?
 
So if I use this, I lose WiFi and access to my sd card?

I did so further reading, and it looks like this is a way to "jail break" the PS3...
 
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I guess the idea is to keep a nandroid backup of your current setup, load PSfreedom, nandroid that, then switch between the images.