Cheaters for current-gen consoles have been using this technique for years, but it's only now that Hyperkin's Game Genie is debutting a save editor cheating device for the PS3 at E3 2012. Hyperkin describes this "Game Genie: Save Editor" as "the first code device amongst any competitor's products that actually manipulates save files and works for the PS3".
Cheating has always been a touchy subject with gamers. While my opinion is that cheating is fine as long as you're using it for yourself for a single-player game, that isn't as feasible in today's online world. Even now, I'm extremely apathetic about the endgame of Dragon's Dogma because the Ur-Dragon, the most powerful boss in the game that's defeated by combining damage with other players, is being slain by players with obviously modded saves. It makes the effort worthless.
Though Hyperkin cites cheats for single-player games like Uncharted 3, Batman: Arkham City, Skyrim, and Final Fantasy XII-2, the trouble comes when involving Achievements and Trophies. Unlike in-game cheats that normally disable Achievement and Trophy acquisition, this cheating will allow players to earn high-difficulty Achievements and Trophies without earning them.
Then of course there are instances where multiplayer games can have their integrity destroyed by these cheats, if the developer hasn't considered measures to counteract the cheating device... which is yet another extra step that they'll need to work on, as if they don't have enough to worry about.
Hyperkin will be showing the PS3 Game Genie: Save Editor during E3.