i wouldn't recommend tversity or any other on the fly transcoders from first hand experience, it is much much better just to have a htpc and stream the files over that way and let it decode the files itself.
some annoying things about tversity>
no soft subs, there is a very convoluted work around to this and even then it will only work on external sub files, not embedded.
you can't fast forward, well you can but not if that part of the file hasn't been transcoded yet
for me it freezes the playback on the xbox360 when i try to rewind/ffw
on my current system it puts both cores up to 100% to watch anything so if you usually use your computer for something else then that might be a bad point.
it is still a bit buggy and can crash in some circumstances.
if you don't want to spend money and you already have a pc and ps3/xbox360 hooked up to a network then it's free to try.
if you're gonna spend money anyway then you might aswell build a decent htpc and hook that up to the tv and stream over your network.
I have both a PS3, which I did use for streaming, (And a few games ) and my old desktop hooked up to the TV in the lounge.
The PS3 is fine with streaming, using Tversity, and obviously plays games fine. But the web browser is , erm, I am not allowed to swear right? Suffice it to say, the ps3 is only used for games.
To stream to the PS3, means having my pc on, the ps3 on, and the TV. This is very power hungry.
To use the old pc/media centre, I have that and the TV on, I can play older games, surf the net, use the iplayer/itvplayer/youtube and so on, watch films off of the HDD, straight from DVD, get emails, and fold. All at the same time.
And the other drawbacks that blastuk mentions are very annoying.
The PS3 doesn't use a fat32 system for its internal hard drive.
http://www.youtube.com/watch?v=5sNOMp1K2NA
I dont know about tversity, but PS3MediaServer works extremely well. I dont have any trouble streaming over hd content.
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