I know many of you out there are Xbox 360 owners who use Nullriver's Connect360 to stream audio and video from your Macs to your 360. Now Nullriver has stepped up to the plate for PS3 owners as well with MediaLink. It basically has the same functionality as Connect360 allowing you to stream audio and video from iTunes as well as pictures from iPhoto directly from your Mac to your PS3. The developer says that it supports non-DRM content in all of the following formats: MP3, WMA, WAV, MPEG1, MPEG2, MPEG4, H.264, AVI, WMV & ASF, DIVX, JPEG, GIF, PNG, TIFF, BMP including high-definition video.
MediaLink is $20 and a demo is available from Nullriver.
Update: I've now had a chance to play around a bit with this software and I have to say it seems somewhat buggy, crashing repeatedly on my iMac. That said, when it works it makes streaming a cinch. Nullriver also posted a note on their site that says "AAC support is coming soon."