The new beta release of handbrake has been made and the new version has included PS3 video support. The following is taken from the FAQ on their website.

What is HandBrake?

HandBrake is an open-source, GPL-licensed, multiplatform, multithreaded DVD to MPEG-4 converter, available for MacOS X, Linux and Windows.

http://handbrake.m0k.org/?p=48

See the PSUbuntu forum discussion thread.