I got a PS3 at the weekend.
I have TVersity working, though it often needs a restart. I think it maybe due to it sticking on files in strange formats. I set it up to serve the PS3 specifically so I think some of the standard def stuff (odd Youtube flv) is transcoding fine. I only have an old 4:3 goldfish bowl so no biggie. My Freeview recorded MPGs work just fine, although XBMC does a better job deblocking and filtering.
If PlayTV turns out to be great I will probably upgrade the hard disk.