Here is the original thread about it here at Digital Press
Yeah well, it's now come to fruition, and for some reason there is no thread about it here!
Here is the link. It is basically the Independence Exploit but without the need for a PS1 'master' disc, and it also works on the slim PS2. It is called... Free McBoot:
I have tested this out and it works great on both of my PS2s - my fat one and my slim.
Once you've got this installed on your memory card, you can run homebrew programs on a slim and fat PS2, and in the case of a fat PS2, games off the hard drive as well via HDLoader. It can do everything the Independence Exploit can do.
But that's not all! The next exciting new development is below:
Here is a program called ESR, which you can also run on any PS2 thanks to these memory card exploits. It is brand new, just released a few days ago. What does it do, you ask? It lets you run burned games without a modchip, on a fat or slim PS2. All you must do is run a program on your PC to allow you to patch the .ISO image, burn the ISO to a DVD, then pop the disc in your PS2 and run this program to boot the disc. The full details are here:
Thanks to these developments I am now in possession of a simple 8 MB Sony memory card that can be used to boot up homebrew or play burned DVDs on any PS2 that I may come across, old or new. I can also easily give other memory cards this functionality and cause it to multiply! Muhahaha!