I've used it before but I just don't play PC games enough besides WoW. If enough people joined in I'd give it a try from time to time I suppose.
Though I did just create my own private WoW server so I can pwn any instance all by my lonesome instead of spending a year trying and thought about inviting others to join it. Kinda cool to just say hey I wish I was dual wielding Illidan's swords, type ".additem" and bam I've got'em. Though making myself powerful enough to one hit him seemed kinda less than I hoped for in the end. :)
Unless you have an extremely long run between your PS3 and the HDTV (50 to 100 ft), you would probably see no difference between the Monster cables and the generic products. It's all digital, so if those 1's and 0's work you're fine.