You won't be able to use your universal remote with the PS3 since its bluetooth. Sony sells a separate bluetooth bluray remote, but I do just fine using the controller to pause my movies.
This thing is shiny as hell. Major toy factor, its heavy and sits sideways and is shiny son, damn.
The two games I have, COD4 and Oblivion look outstanding and are bad ass hell. I'm not an ubergamer so mega game selection isn't of great importance to me.
As far as BR capabilities, I used it for the first time today. I got 300 on bluray via Netflix, and I hadn't seen it before this afternoon. I swear to you, I shit. Not literally, but still I totally shit. Even on my lil' 32" Westy LCD the picture is extraordinary. No grain, just rich texture and vibrant colors. My girlfriend, who isn't a big tech toy person like some of us, even remarked "this movie was made for bluray." I also found the sound superior to regular DVD. I don't know anything about the sound capability of the BR format, but it sounded great.
As a bonus, I through in some Lost season two on regular dvd afterwards, and the upscaled picture whooped my previous player, the oppo dv-970hd.