For a guide/tutorial of how to install safely visit here.
The Time Machine (TM) is a Devhook-like utility that can be booted with a Pandora Battery. The first version was released on February 15, 2008. It allowed for users to boot to 1.50, 3.40 OE-A, 3.60 M33, and a 1.50 and 3.40 Mix.
Download: Version 0.1 here
The Time Machine was first announced in January where a video of the Time Machine running 1.50 on a Slim surfaced. In February, Mathieulh posted pictures of 2.70 successfully being ran from the Slim. Instead of the Time Machine being a Slim-only project, it was released also for the Phat which was able to launch 1.50, the 1.50 + 3.40 Mix and 3.40 OE-A. Along with 1.50, and 3.40 OE-A for Phats, Slims can also boot the 1.50 + 3.40 Mix, and 3.60 M33. It has been announced that the later versions of Time Machine will expand to other firmwares.
Flash1 is managed on the memory stick, while the IDStorage keys are loaded from the nand. However, Dark_Alex plans on adding an option of loading IDStorage keys from the memory stick instead of the nand.
So far, Time Machine can only boot the firmwares mentioned above.
1.50 can only be launched on Phats, and it includes everything. Everything will function normally if the IDStorage keys are intact.
1.50 + 3.40 Mix
The 1.50 + 3.40 firmware mix is a firmware bootable on both Phats and Slims. However, this firmware was meant mostly for homebrew, so XMB playback will not be perfect.
3.40 OE-A is a Phat only custom firmware. It includes all of the features of 3.40 OE-A including ISO loading, homebrew, etc.
1.50 + 3.40 Mix
The 1.50 + 3.40 firmware mix is a firmware bootable on both Phats and Slims. However, this firmware was meant mostly for homebrew, so XMB playback will not be perfect. Also, some bugs with PMF causes crappy playblack.
3.60 M33, being a Slim only custom firmware includes all of the features of 3.60 M33 including the normal features, the VshMenu, etc.
TM Supported IPL's
A patched pandora or Despertar del Cementerio is striped of its iplboot.bin. It contains only its patch.bin and a the 1.50 ipl.