Andreas Naive, the spanish guy behind one of the greatest decryption jobs of all time, the Capcom Play System 2 (CPS2), has done it again!
In a really short period of time, and with virtually no data to work with, he was able to crack the CPS3 encryption. You can read how it happened in his blog (spanish only):
If you don't speak spanish, probably you will not understand anything. Don't worry, even if I'm spanish it is very difficult to follow his conversations because he's a genious and a step for him could be 4 or 5 steps for a "normal person".