Ps3 jailbreak?

Is jailbreaking a ps3, the equivalent as an RGH/Jtag console? So I can download and put games on HDD and run?

Never owned ps3 before and only want for some ps3 exclusives.

Yes it is the same type of deal.

Am i right in that you dont have to install no chip/wires? like rgh/jtag

I believe PS3 is software modification with no hardware.

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I read that you would need to have an old firmware for it to work. And downgrading firmware requires something like a e3 flasher.

Depending on what kind of PS3 (Fat Brick, Slim, Ultra Slim) You may have to tear it apart and downgrade it unless you find one on a lower update and install a custom firmware. If you want a E3 Flasher Its not cheap but in the end you could make money depending on what you do with it.