It is not only fonctions it is the quality of the player in general.
I'm not gonna make a technical comparaisons here (Im' not capable of that).
But for me, a good BR player is a Pioneer, Denon, Marantz...
PS3 has a very good ratio value for money but is already lagging behind (noise, hd audio to be decoded with the receiver not the console etc).
But for the moment, I'm quite happy with it.
Btw : Cnet said that last year.
Uh? It's actually the opposite, the PS3 used to decode "in software" the Dobly TrueHD and DTS-HD MA audio format and output them as PCM streams to the receiver instead of bitstreaming them directly and letting the receiver decompress them. No quality loss, mind you, as the PCM is the uncompressed digital content in its entirety.
The newer Panasonic HDMI chips used in the PS3 slim are also able to bitstream those two formats directly, if you like to see the lights signaling those formats on your receiver of if for some reason it has troubles with PCM.