As the tile says, CockworkMod has been found for the Droid 3 finally and should be up for use by everyone soon. This allows us to flash roms, do full backups, etc.
So good day for us Droid 3 users! Hopefully, this will lead to more Dev support.
More in depth info at Droid-Life.
ClockworkMod Recovery Booted Up On DROID3 - Droid Life: A Droid Community Blog