(2015-04-25) [UPDATE2]
As some may be aware Smhabib released an open beta of Habib 4.70 “STARBUCKS” v.1.02 for some feedback on the ps2 emulator patch he and Joonie86 had been working on. He’s since announced that there have been no issues and that beta build is the final release, so if you’re already on it there is no need to update.

(2015-03-19) [UPDATE1]
Habib showed up with another update today. This time he’s fixed some issues with the built-in PS3MAPI and he has dropped the COBRA 7.10 source code on us.
(2015-03-13)
When Smhabib released his 4.70 CFW V1.00 two weeks ago, the biggest question on everyone’s mind was “Where’s COBRA?”. Well here it is, COBRA 7.10 even. Habib stopped in a few hours ago and released HABIB 4.70 CFW v1.00 with COBRA 7.10 while he was at Starbucks. Clearly the poor guy was distraught and looking for those beautiful girls the rest of you falsely promised him. Anyway, apparently he’s decided to codename this release “STARBUCKS” as a result. A lot of work has recently gone into making COBRA 7.10 from several developers including Joonie, Aldostools, and Smhabib himself.

Feature List & Changelog:
HABIB 4.70 [size=16]“STARBUCKS” (COBRA7.10) FEATURES:
1. MADE OUT OF 4.70 OFW
2. HAVE INSTALL PACKAGE FILES AND APP_HOME
3. HAVE REACTPSN COMPATIBILITY
4. PATCHED LV0 TO DISABLE COREOS ECDSA CHECK
5. PATCHED LV2 TO ADD PEEK/POKE SUPPORT
6. PATCHED LV1 TO DISABLE LV2 PROTECTION
7. PATCHED LV1 TO ADD PEEK/ POKE SUPPORT
8. IT CAN RUN GAMES SIGNED WITH KEYS UP TO 4.70
9. CAN BE UPDATED OVER ANY CFW.
10. CAN BE UPDATED OVER 3.55 OFW
11. NOT ADDED – NO BT/BD PATCHES
12. RSOD BYPASS
13. REACTPSN OFFLINE PATCH ADDED
14. BETTER SYSTEM STABILITY
15. REMOVED CINAVIA DRM FOR HDD CONTENT
16. REMOVED CINAVIA FOR BDMV
17. REMOVED CINAVIA FOR BDVD
18. QA FLAG ENABLED BY DEFAULT IF PS3 WAS QA ON 3.55
19. COBRA 7.10 ADDED!
20. INCREASED COBRA GAMES COMPATIBILITY
21. SPECIAL PAYLOAD FOR COBRA TOGGLE IN LV2

Changes to 1.01:
1.FIXED PS3MAPI IDPS SET AND ASSOCIATE APPS CREATING BUGS(E.G WEBMAN)
2.FIXED PS3MAPI FW DETECTION
Changes to 1.02:
1.since cobra 4.50++ classics used unencrypted mem card, its now fixed
2.no more classic_ps2 flag is needed, if iso mounted, run placeholder/legit ps2 npdrm and iso will boot(do notice we need classics mem card not the unencrypted one)
3.new method adapted in which disc icon for ps2 is not affected at all, just loses sync



Changes to COBRA 7.10 since 7.03:
• Improved PSX media type support, now it supports following disc types:
2048 // 2352 // 2336 // 2448 *
• Ps2netemu work around is discovered, now PS2 ISO can be redirected as ps2classic, this was developed to fix ps2 wireless pad sync issue for non backward compatible PS3 models.
• Updated NzV PS3MAPI to 1.2.0
• Issue with new ode patches while cobra disabled has been fixed (games with updates refuse to run)
• New savedata patch workaround for ps2_netemu has been added, PS2 DISC ICON will use decrypted VM card, but it still has sync issue and PS2 Launcher will use encrypted VM card for both ISO/Classics, no sync issue at all
To Quote Smhabib:
STARBUCKS FTW!!!!
A GREAT THANKS GOES OUT TO JOONIE!!!!!!!!
HE SPENT SOO MUCH TIME TESTING AND WITHOUT HIM THIS WORK WAS IMPOSSIBLE(ENOUGH OF THIS, GIMME MY GIRLS!!!!  )[/size]

As before, The Download is in the description of Habib’s release video:
HABIB 4.70 CFW V1.02 COBRA 7.10: DOWNLOAD • MIRROR-0 •MIRROR-1 • MIRROR-2
MD5SUM: 87A9F34934178818AA4244722C6BC6ED
COBRA 7.1 (470) Source Code: DOWNLOAD • MIRROR-0 • MIRROR-1 •GITHUB