The ps3 can play blu-ray's right out of the box. You need a TV/Monitor that is HDMI/HDCP capable or you won't get a picture. This is true of all blu-ray devices, not just the ps3.
You don't have to install the software with any Blu-Ray player. Just the drivers. I am used to working with clips with a shelf life, so I like the added reliability of RAID 5 arrays. We rent a large collection of 3D Blu-ray movies for very cheap prices.