Now before a bunch of people get angry with me for suggesting such software I in no way condone the fact that such tools can be used to cheat online, WiiRd in no way supports such actions and frown upon anyone who uses their tool to do so.
I feel pretty strongly that Sony would be quick to ban anyone who abused such a tool to cheat online, however it would be difficult for them to detect use on offline games which is what I want it for.
Such a tool would be great for offline modding of games, the possibilities are endless with advanced assembly knowledge it can go beyond even just simple health, ammo, etc modding. And allow pretty much anything the official developers could add to the game.
My main fear about this is the lack of understanding of the CELL architecture, however it is well documented and I believe in time could be understood enough to inject advanced custom payloads.