For media purposes and being able to use your own Hard Drive its excellent, though ive never needed anything more than TVersity on my laptops synced with my two 360's (as Media Center is to slow and laggy).
Yeah, that's about all I used my PS3 for once I ran out of enjoying games. Just made use of it as a Blu-Ray player and it having slightly more codec support (compared to 360) for downloaded videos was nice, and being able to browse the web on it, but once I built my gaming rig with a Blu-Ray drive, there was no other need to keep my PS3 there with it taking up needed space.
However, I do regret sometimes having rid myself of my fat 60GB PS3 as it had really nice PS2 BC and some decent upscaling for them.