According to Geekbench 2006, PS3 Linux currently performs about the same as a PowerMac G5 1.6Ghz, which is of course disappointing considering the PS3s Cell CPU has twice that clock rate but its much better than the 158 bogomips rating would suggest. Hopefully this will improve as gcc's cell support matures?
http://www.geekpatrol.ca/2006/11/playstation-3-performance/