Something I found just like an hour ago, since then installed and has to say it works beautifully. It's called CodecSys Personal, it off loads the encoding / transcoding duty to your PS3 that's connected to your computer via a Cat-5 or Cat-6 cable. Fantastically fast using all available PS3 cores.

http://codecsys.fixstars.com/en/personal/

Fixstar are the company who made YDL (Yellow Dog Linux) work with the PS3 hardware.

i'll stick to mythtv, thanks.

200 bucks for personal use, that's a tad too much considering that the PS3 itself is still rather pricy :<