It is your duty as a first-time user to read and understand the Board Rules BEFORE making your first post. If you had done so, you would have seen, right at the top, the 3 magic lines: Have a nice day.
What this ruling does: Firstly, it legalises mod chips that remove region-based restrictions. It also legalises mods to circumvent what you can run on your PS2. What it does not: It does not legalise mod chips that allow pirated/illegal software to run, or breaches copyright laws. The implications: Any device that has region-based restrictions can be legally modified to remove the restriction. Such as DVD players and maybe some other consoles. Any device that has restrictions on whose software can be used can be legally modified. This particularly applies to the PSP. Australian law does not permit companies to restrict competition by using unfair tactics which is exactly what Sony does.
The Australian High Court has ruled that mod chips are allowed, in order for consumers to order items from overseas to use on their playstations. Source This should also allow region-free DVD players to become legally available in Australia.