Compared to installing windows, which is as simple as setting the BIOS to boot from CD and then hitting enter a couple times.. (on a PC)
I'd have to say YES. Annoying issues setting up openSUSE. The default resolution is useless, you have to install/compile all the PS3-useful shit..
But in the end, ehh.. it's probably going to be the way developers crack the PS3 and allow ISO loaders/rippers. I'll definitely need to upgrade my HD when that happens, my 7200 rpm 40 gig isnt very spiffy.
Ahem, I mean.. I'm sure there are other distros that are painless and faster than the too-bloated SUSE but I havent tried any of them. Damned ubuntu probably runs on PS3, ubuntu is a huge slut that everyone and every system has tried once or ten times.
Even for the technically inclined of us.. no it's not worth installing.
For those that dont want to superficially 'brick' their PS3.. it's definitely not.
As I understand it, there isnt a way to PERMANENTLY brick your PS3, but there is a way to basically install linux without a boot loader and it defaults itself to the only OS that boots. According to the literature, you can tell the PS3 to boot to the XMB (the usual shit with the wave in the background and all the icons) by holding the power button for 5 seconds tho.
But I wouldnt want to try it again unless there was a pretty damn good reason. I dont need a half-assed PC, I just need a PS3 that can hold an ISO or two of games that I rent and rip.
(and that.. is a few months or few years away from being reality)
I installed Xubuntu on my PS3. I don't know if you know anything about Linux but if you don't then don't do it. Basically Linux is only good for movies and playing SNES games since it runs so slowly. I rarely use it even after all the work I did to set it up. If you really want to play PC games on a tv then there are simple ways to hook up a PC to a TV screen and some TVs even come with VGA ports now.
The PS3 OS itself will only play MPEG-4 ASP(DivX and Xvid), h.264 and VC-1. But through Linux, there are players that play Quicktime movies. Quicktime itself won't install on Linux since it is only for Macs and Windows.