I use my ps3 for bluray often and no problem so far. Movies play flawlessly and no skips or freezing of any kind.

The cons would be the fact that you have to use the gamepad to control the movie (which is fine by me), or use one of the existing infrared addons so you can control it with a universal remote. The drawback of using this is that only the bluetooth remote/gamepad can turn it on or off, so you would have to manually turn it on or off (there might be some hack that allows you to use it but I'm not sure yet since I didn't research that).

Another con is that it doesn't have analog outs, only toslink/hdmi, and also only allows internal decoding of Dolby TrueHD/DTS HD (not MA as of yet) and passes multichannel PCM to the receiver only (no Dolby or DTS light on your receiver, just PCM).

I guess those 2 can be a real deal breaker for a lot of people, which isn't the case for me.