08-27-08: CerrotThe PS 3 can read and extract the uncompressed codecs, but it doesn't decode them internally. This article explains that the PS 3 can read Dolby TrueHD and DTS-HD Master Audio from the disk and converts it to an uncompressed PCM bitstream which is output via HDMI to be processed by an HDMI-equipped pre/pro that can decode the uncompressed PCM bitstream.
I was under the impression that the PS# did not do Dolby TrueHD or DTS-HD.
That's the beauty of the PS 3's high processing power and Ethernet and wi-fi connections; whenever Sony adds improvements, they can be downloaded to the PS 3 to bring it up to the latest revision level.