For convinience I placed this little gem here. Just follow the exact steps and you will be able to watch your Popcorn Time movies/tv shows on your PS3!
I did not author this tutorial but was only lucky enough to find it, as I am not an active redditor I feared I might lose the article, hense the reason I created this gist.
Original tutorial can be found on Reddit kudos to Ferricfox who authored the post.
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Step 1. Download Popcorn Time.
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Step 2. Download PS3 Media Server http://sourceforge.net/projects/ps3mediaserver/files/latest/download
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Step 3. Configure PS3 Media Server to be able to use web streams.
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3a. Download PMSEncoder https://github.com/chocolateboy/pmsencoder
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3b. Open PS3 Media Server and click on the logs tab.
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3c. Scroll 50 lines down or so until you see "Searching for Plugins in /Applications…" and copy that directory address.
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3d. In finder, click Go -> Go to Folder, and paste the directory address for the plugins folder
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3e. Drop your pmsencoder-2.0.0.jar file into this directory.
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3f. In the logs tab of PS3 Media Server, about 30 lines from the top, find where it says "Web conf path." Copy that path.
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3g. Back in finder, again click Go to Folder and paste the file path. I had to manually create a web.conf file in here because mine wasn't automatically created. Not sure if this is standard or not. Here is a copy of the default https://github.com/ps3mediaserver/ps3mediaserver/blob/master/src/main/external-resources/WEB.conf
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Step 4. Get URL for Popcorn Time stream.
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4a. Find your local IP address. I did this by going to https://www.whatismybrowser.com/what-is-my-local-ip-address in Chrome.
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4b. Open Popcorn Time and start playing a video of your choice.
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4c. Hit the 'U' key to copy the stream's IP and port to the clipboard.
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4d. Combine your internal IP address from step 4a and the port number from the end of 4c (i.e. 192.168.1.55 + http://127.0.0.1:56489/ = http://192.168.1.55:56489/)
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4e. Open WEB.conf in textedit and add "videostream.Web,TV=Popcorn Time,http://192.168.1.55:56489/" [obviously substitute your result from 4d]. Save.
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4f. Restart PS3 Media Server.
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Step 5. Navigate to feed on PS3.
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5a. Scroll over to the Video icon on PS3.
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5b. You should see "PS3 Media Server" listed
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5c. Hit X, and then scroll down to the "Web" folder, then TV, then click Popcorn Time [PMSEncoder].
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Step 6. Enjoy watching free streaming movies on your PS3.
I'm having problems with item 4c: it doesn't happen anything when I hit the "U" key on my Mac... How can I see the stream's IP?