PS3 Media Server is DLNA compliant UPnP media server application written in Java that allows you to stream your media (music, videos, photos) directly to your PS3 or Xbox 360. You can install PS3 Media Server on Windows, OS X or Linux. After installation, select folders that you want to share and stream media from, and that’s it – turn on your console and you’ll see computer running PS3 Media Server under available media servers.
PS3 Media Server supports wide range of media formats, and in addition to PS3 and Xbox 360 it supports a streaming to few other devices, such as Android phones and modern TVs. It also supports a number of plugins, such as Banshee, MediaMonkey, MythTV, OS X Smart Folder, XBMC, to name a few.
Given that installation and configuration are very straight forward, you should be up and running in couple of minutes. If you do get stuck though, they have a good FAQ / Tutorial, which you can read here.
Ever since I decommissioned my old Win XP media centre PC that I used to stream media to consoles, I was looking for a good replacement. PS3 Media Server fulfilled all my requirements, and best of all its completely free. Highly recommended if you are looking to setup media streaming for your home devices.