All depends on your experience with linux, which isn't too extensive I guess. To be fair, I've had about the same experience with it so i'm barely an expert.
The debian live cd theoretically speaking runs purely off the cd without requiring you to install the OS, and it still works reasonably well.
Yellow dog, from what i understand, seems to be the OS of choice for the ps3.
Fedora Core 5 is something different to the both of them, i'd recommend the live cd first so you can see if you can get to grips with that and then move on from there.
Linux is quite different to windows and is largely much more command orientated, rather than doing practically everything via a user interface.
google either of the 3 distro's for more info.
google fedora core 5 ps3 and you are bound to get some opinions
No doubt some of the people on here have it installed, however i dont. Only had my ps3 about two weeks or so.
I'm uk based so thats still earlier than expected
New to the forums btw! So hi!