I hope you are as excited as me, but if you are not, think of it as the second closest thing to booting games of the hard-drive. After hours of searching, & trial and error, I found what was right underneath my nose, kinda sorta literally. Anyways, for the intial steps of decrypting the blu-ray see the guide I wrote up @ http://www.ps3news.com/forums/ps3-li...ps3-54213.html.
As for the secondary part (playing it on the PS3) wait til Monday or try stuff like I did. It isn't as easy as it sounds to convert the .M2TS file, there was a great deal of trouble due to audio portion of the file.
Hint: Check out the attached images, the whole process of conversion took only 35 minutes (amazingly fast for a 20GB file), and that even includes some manual intervention. BTW no lag on PS3 what so ever. Wish my home video was better, but hey it's a first.
The guide will be posted Monday I promise.
Just want someone to acknowledge how hard the task was. Will hopefully have the video uploaded soon.
Edit: Second Tutorial here: http://www.ps3news.com/forums/playst...tml#post154376