It's been a really long time since I tried, but the last time I did the consoels were incapable of playing back .m2ts and .mts files with 5.1 or better audio over a network, which to me was a severe handicap since they are used for two of the most prominent hd video sources today namely blu-rays and hd video cameras. Hence why I long abandoned the consoles for media playback and instead use a htpc downstairs and a popcorn hour c-200 in the bedroom. Has that situation changed at all on console, can they now stream common media from hd camcorders and blu-ray movies? I don't want any hack transcode type fix, or have to keep a pc on full time to support this, I just want the consoles to be able to do what my wimpy c-200 can do namely play m2ts and mts hd video/audio media right from my raid drives. Last I checked this was not possible but that was a long time ago, if that's changed then I'll try them again but somehow I doubt it.
I haven't tried, but I haven't heard that anything has changed in that regard. I was thinking of doing what you had been doing, but that's basically what spurred my post below.
However, there is an application you can install to play and edit HD video straight from hd camcorders on your PS3, although I think it is probably limited to a few brands only, maybe even just Sony.