Iv only had my wd tv live a few days now, so some one else might have better answers, but I believe they both have there positives and negitives.
To stream media from the computer to your ps3 your going to need some sort of UPnP software like TVersity, which is going to slow your computer down some. The live has a far better codec support than the ps3, so TVersity is going to have to transcode alot of videos(draining even more cpu power). The live is about half the price also, and much smaller. The thing I like about my ps3 is the bluray drive, and with TVeristy it can play most any video. Both players work rather well with playon, which allows you to watch stuff from hulu and more. If your not interested in games or the bluray drive I would def go with the wd tv live, I absolutly love it. If your going to watch your cam corders media from dvd media or you would ever watch a bluray I would go with the ps3.
