Prometheus??

[Cloud]

I've heard a lot about Prometheus but don't fully understand what it is. Does it allow any new game to be played without the need to update to OFW? Is it a series of files put onto the MS which automatically decode and by-pass new game updates? Or is it only useful if you have the physical UMD, rip its ISO, decode it on a computer, THEN put it on a MS?

(I'm running 5.00 M33-6 on a 1003)

Thanks :)