I'll throw my tuppence worth in, mainly because I like to entertain myself at lunchtime waffling.
It is indeed true you can turn your ps3 into a pc by installing linux, there are many types of linux but one of the most widespread and easiest to use for someone new to linux is ubuntu. I havent installed it on my ps3 but thats only because I have ubuntu running on my home pc anyways.
here's the quick and easy installation guide for the ps3:
http://psubuntu.com/installation-instructions/
I'm afraid I'll have to disagree with guil07 here and say that it may well be worth it to some people and not just programmers, it'll basically turn your ps3 into a fully functioning pc. I made the move to linux from windows for my home pc and never looked back.
I'd recommend giving it a go for anyone who's interested.