I've been using the PS3 as an SACD player since its launch, and it works really well. I do not have an HDMI equipped receiver yet, so I've been using 2 channel analog output via a Monster Cable Multi A/V cable.
The best route is to use either 2 channel analog out, which sounds great, or HDMI for multichannel 5.1 SACD tracks. Your other alternative is to use the digital optical connection and it will transfer 2 channel SACD tracks at a sampling rate of 176.4kHz.
The PS3 sounds really good for SACD and Redbook CD playback, and it rivals my Yamaha SACD player, the DVD-S2500. You can find out more at www.ps3sacd.com