For the time being that is good solution. BUT if you really want speed, you'll have to wait a bit.
When we get NTFS support, we'll be able to do some cool things I'm sure. For example, say you have original 60GB model PS3 (4 USB ports is what I'm getting at) We could create a "raid" system of sorts across 4 250GB Hard-drives (newegg.com/Product/Product.aspx?Item=N82E16822136113&cm_re=250gb-_-22-136-113-_-Product) producing read and write speeds pretty much eliminating load times (especially with games that share information between the "BDROM" and the GAME DATA... I think God Of War is an example... but haven't played)