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The term "Cobra" originally referred to the payload originally found in Cobra USB, a USB modchip that added features to CFW consoles. Team Cobra has since moved on to Cobra ODE (Optical Disk Emulator), and decided to open source their payload, and is now included in most modern CFWs. Cobra features include:
- Region free BluRay.
- ISO mounting for BluRay/DVD/PS1/PS2/PS3.
- Mounting ISOs and games over network.
- ISOs can be split and still mounted, to bypass FAT32 4GB file limit on USB.
- PS1 backup discs work just like retail discs.
- Launch any PS1 game in .BIN format..
- Launch any PSP ISO using the Cobra PSP Launcher (compatibility is not 100%).
- Launch PS2 ISOs on any console (HDD only, software emulator is not 100% compatible).
- Never requires a real disc in drive.
- Boot Plugins (apps that run in the background on boot).
- Dynamic firmware spoofing for mounted backups (apps don't require updates for every firmware update).
Note that Cobra is an alternative to Mamba, and therefore incompatible.
For more information and tutorials regarding the Cobra ODE, see this wiki page.