I admit, I'm living a little dangerously by running the 64bit Windows 7 beta, but you know what? This PS3 Media Serverworks PERFECTLY. I enabled 8-core decoding (i have a 940 quad with hyperthreading) and I couldn't be happier. It's stable, simple, and effective. TVersity has been uninstalled forever and will never, ever return to my filesystem. Every file format I have thrown at it works, and 1080p transcoding is smooth as you could imagine. I setup a dual-boot with Ubuntu 64bit this weekend, and will install it under linux too, so no matter which OS I happen to be using at the time, we'll always be able to access our media over the home ethernet.
A huge thank you to the developers! Simply awesome.