I looked at going this route and after not only hearing the PS3 but also feeling how much heat it gave off, I went back to the PC option and built a PC made up of this:
Cooler Master Cosmos case
Ultra X3 Modular 800-Watt Power Supply
XFX nForce 680i LT SLI Motherboard
XFX GeForce 8800GT Alpha Dog Edition Video card X 2 Running in SLI
Intel Core 2 Quad Q6600 Processor
Corsair XMS2 DHX 2048MB Dual Channel PC6400 DDR2 800MHz - 4 in total
Auzen X-FI Prelude 7.1 soundcard
Seagate Barracuda ES 500GB - 4 in total (I have yet to decide on a RAID option)
LG Dual Blue Ray / HD DVD player / burner
At the end of the day, this thing is smoking fast, dead quite and plays everything that I throw it! The Auzen sound card is also a heck of a lot better than I was expecting. They recently did an update for this card that added Dolby Digital Live which is very cool to say the least. When I'm surfing the net or doing whatever the card outputs everything in DDL which is very cool.
I even went so far as to A/B the LG against my Oppo DV-981HD and there was no difference. The LG is being output via DVI through the 8800 and the Oppo was going direct via HDMI. The picture was identical which is a testament to how far video cards have come.
If I had to do it over again I would not change a thing except for maybe the case. It's a great case but she is big and that is putting it mildly.