PS3 Media Server runs on your Mac as an DLNA compliant Upnp media server. You just share a folder (or more), and this folder you can browse on your PS3 - when you see a media file (e.g. MKV), just press play - and the media server will process real-time video transcoding via MEncoder to the PS3. This means the PS3 will play unsupported files. Even with external .srt / .sub subtitles.
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