This method has been confirmed to work on all models of the Xperia PLAY - R800x / R800i / R800a / R800at. Also works perfectly with the Xperia Arc.
WARNING: This doesn't work, however, on the Verizon Wireless R800x v2.3.2. Please update to v2.3.3 before rooting. - confirmed by paxChristos
WARNING #2: Confirmed that this doesn't work with 4.0.2.A.0.62
MAJOR WARNING - ICS (4.x) doesn't work with it & any update to GB (2.3.x) after November 2011 won't either.
Originally Posted by paxChristos
The exploit used in this toolkit was patched back in November of 2011. No more updates will come from the exploit devs.