Lots of interesting stuff going on in the world of hardware hacking lately.  First off, Microsoft's Kinect camera has been hacked, and people are doing some pretty sweet stuff with it:

http://kinecthacks.net/

The implications for this are tremendous, not just for gaming, but also for homebrew robotics and the like.

Secondly, someone has apparently convinced the PS3 to give up its hardware keys, so it's now theoretically possible to sign and run your own programs on the PS3 (including linux) and the PSP.  The precise implications of this remain to be seen, but I'd expect the modding and hacking communities to come up with some pretty cool stuff in the near future. :)

P.S. While I realize that the PS3 hack opens up the avenue for piracy, I would like to note that OGA does not condone piracy in any way.  What we do support, however, is the right to use the hardware that you purchased in any way you like.