To quote from SubJunk on the PlayStation 3 Media Server v1.51.0 changes:
Fix StartStopListener callbacks for HTTP Engine V1
Surface playback start/stop events
Make video quality presets localizable
Fixed OSX log message about font definitions
Fixed double wrapping of streams causing stuttering
Added MPEG4 ASP with Qpel support for PS3
Allow 15fps video
MediaInfo link added to the About tab
Updated to latest versions of libraries (codec, jdom, logback and slf4j)
Various stability and speed improvements
Updated JRE autodownload to 7u3 from 7u2
Updated MPlayer and MEncoder to SB28
Updated ImageMagick Convert to 6.7.6
Updated MediaInfo to 0.7.54
More reliable selection of correct audio channels
Improved fast-forward and rewind support
For 1.23.0 and above:
Just uninstall the older version and install newer one
For versions prior to 1.23.0:
To retain your old settings you may have to copy your old config file/s to a new directory. To find out where the new directory is on your computer, run the program and go to the Traces tab and look on the 14th line, the line that says "Profile directory:", that is the folder your config files should be saved now.
If you use the "media library / cache" option you should reset it.
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No, this is to use your computer as a media server to your PS3 (listen to mp3, watch movies,.. streamed from your PC to your PS3) I don't use it in a while but i remember it supports most used video formats and subtitles. And you don't need anything to make it work.. only a PC, a PS3 and a local network..
Thats exactly what it is Since Shagrath looked like he had no time for it anymore and he hadn't updated it for a very long time there has been a forked 'community patched' version. This has also been updated to include the new update.