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Switchbrew have reported that a potentially devastating exploit has been found on Switch firmware versions 3.0 and earlier. If you are immediately interested in homebrew on the Switch we urge you not to update your device to firmware 3.0.1 or later.

Prior to 3.0.1, the service manager ("sm") built-in system module treats a user as though it has full permissions if the user creates a new "sm:" port session but bypasses initialization.
In 3.0.1, "sm" returns error code 0x415 if Initialize has not been called yet.
This oversight by Nintendo may provide absolute control to most O/S services opening the doors for homebrew.