Jurai has released an AdvanceMAME .106 PS3 Binary today. To put it in layman's terms, it's the building blocks for MAME usage on your PS3. AdvanceMame .106 PS3 Binary is basically the emulation code you'd need to use on the Linux in your PS3 to run arcade games, minus any ROMS. Under normal circumstances, MAME executables can have download sizes as large as a few hundred MB because of the number of ROMS they include with the downloadable file. This makes it a whole lot more manageable to download, but it also means that newbies to codes and binaries and other techie terms need not apply.
Of course, it isn't perfect yet, which is why the homebrew community would be of great help in getting this to work on anything you can think off. Let's let Jurai take the stage with what he's done so far:
Hopefully I packed all the necessary Binaries, advcfg should setup necessary directories and inform you of where roms go as i recall. Once roms are in the right directory you can simply run 'advmame romsetname' to start the emulator (advancemenu failed on compilation and i did not have time to mess with making it work)
It compiles straight from AdvanceMAME source so if you want to compile yourself just grab that, but be warned MAME takes awhile to build.
Note: Compiling yourself does give you the added benefits in that all documentation etc is installed. I've never done a linux mame compile before so, I really cant vouch that you 'only' need these binaries, so someone please report on their functionality if you get a chance.