Of course it will - the PS3 is far behind what computers of the same price can do.
http://www.geekpatrol.ca/2006/11/playstation-3-performance/ estimates the Cell Broadband Engine's performance for normal tasks (not using the very-hard-to-program-for SPEs) is slightly worse than the Power Mac G5, itself a superseded core.
Ubuntu. Linux for human beings.
If you are interested in trying Ubuntu or Linux in general, PM me and I will answer your questions and help you install it if you wish.