I just saw an article that said this was now available so I gave it a try. I downloaded Dances with Wolves in 720p (quality is decent; better than DVD but not Blu-ray), it is 3:02 hours in length and took about 5 hours to download over a D-link wireless N(using G) router. I just checked my internet download speed with the link below and out of 5 tests it averaged about 3,500kbps which is firmly in T1 territory, although, if I were going to make a habit out of this I'd probably run an ethernet cable to my PS3 to make it faster/more consistent.
Bandwidth speed test linked here:http://reviews.cnet.com/7004-7254_7-0.html
So my beef with the whole PS3 HD download service is
1.) It costs ~$4.50 to download a movie that you only have 2 weeks to watch (I think they should give you a month because this service is not for impulse buyers, by the time it downloads the impulse is gone)
2.) The timer starts running as soon as you start the download, which cheats you by a few hours at least, I turned off my PS3 in the middle of the download and it resumed and finished the next day when I turned it on but it was over 24 hours after I started the download and so I lost that day.
3.) This movie was ~8GB which seems like too much for a slightly compressed HD movie with only passable sound that costs almost $5 to rent.
4.) You can't buy any HD movies yet over PS3 (as of 15Aug08), only rent and buy SD movies.
5.) The audio is only Dolby Digital, or at least my receiver thinks so, for the money, you really should get TrueHD or DD-MA.
So this is my $.02, feel free to speak up about your experience.
If possible, could a Moderator sticky this thread please?