In the case of my friend he was able to replace the burned out chip on the mobo and copy all of his files using his existing system to an external HD before the system fried his solder work. With all of the threads I have read on the subject there are no hints as to what encryption mechanism is used, only that it uses the mobo code for decryption which is used in the MBR of the disk.
In most cases using Linux based distro will allow you to open, recover of copy files from the HD of a failed system, but this is an exception only because it is using an unknown encryption mechanism. If you can find out what encryption algorithm it uses then maybe we can help, but at this point I have been unable to locate that information.
Well, there was this guy on the internet who made a program to decrypt the PS3's HDD. He made his own program to dercryt a PS3's HDD. So somebody knows? He even released this program on the internet. I downloaded it, but I haven't got the chance to test it out yet. I don't even know what the program exactly does. All I know is is that it's calles 'PS3 HDD Studio 2.08' and it decrpyts your HDD or something.