We have visual confirmation that firmware 5.03 has been successfully hacked, and will run emulators. That’s the good news. The bad news is that the exploit hasn’t been released yet, and you’re just going to have to wait patiently to play Dig Dug (or do it here).
As you can see in the video, they were successfully able to reboot after installing the new kernel, and then change the MAC address. A full release can’t be far behind.