I got this working very nicely today using one of the new versions the programmer is working on (but hasn't yet released to my knowledge).
It works great. You actually just browse the folders on your HD--no UPnP scanning and folder creation stuff--and it's quite self-contained and an easy install. It even transcoded with my srt subtitles inserted and did, to my mind, a smoother job of it than TVersity.
If this comes to full completion, it could be a real TVersity killer, IMO, for those of us who are just streaming to a PS3 and don't jockey about with TVersity's eccentricities. Which is not to say that it has limited features, it also does Internet radio and video.