DMM.com, a major player of online content distribution in Japan, is utilizing the BD-Live technology to stream Blu-ray films, TV shows, and whatnot to the PS3 or other online-capable devices. BB Watch specifically says they're targeting the PS3 as their launch platform, with over 1500 titles available, focusing mainly on anime, like the entirety of the Gundam series, Toradora and Macross Frontier, but will also include dramas and some films.
DMM will offer this through a custom firmware update that will allow you to stream the shows for 210 yen an episode. I saw something about opting for a monthly charge for show rentals, although I couldn't find a price point -- I would think that'd be a much more attractive option for people looking to watch shows regularly.
Interestingly, DMM is also offering the service for their adult section, too. So, if you want to get busy with yourself, but don't want to log on and download something, or take the shameful jog out to the video store, then you can go ahead and just stream some lady-lovin' onto your PSTriple.
I wonder if the Blu-ray disc needed to install the firmware will be available on Play Asia...