At the moment storing games on your ps3 is pointless, playing blu-ray movies on your ps3 is a little difficult process. I honestly havent got a blue ray working on my ps3 hdd (without splitting it), so im not entirely sure how to get it to work properly.
First step is to download SAK and use a fat32 ext hdd to get the blue ray rip onto the hdd (see the sticked thread on swiss army knife).
Next step is to use nero to mount the iso, then use anyDVD to decode the iso. find the 00000.m2ts and that should be your main movie.
What you do next is as good as my guess, as ive tried just sending the m2ts file straight to the ps3 (using vilvic media centre) and tried reencoding it (with elecard) then sending it, using tmpg and converting it to mp4 then sending it, but with no luck.
The only way that other people have been having success is to split it then put it on a fat32 drive and plug it into your ps3.
Good luck