Sony launched Playstation Life for the Sony PS3. You can install it right now. Playstation Life is replacing the Folding@Home application as it will contain it.
Life with PlayStation provides an interactive globe, a 3D world map that you can twirl around to see live cloud movement courtesy of the University of Wisconsin, combined with up-to-date weather information from the Weather Channel, top news headlines provided by Google news, and live web cam images via the Earth Television Network.

To install it you have to select the Folding@home icon under Network on the XMB. I just downloaded the 126MB new PS3 app and played with it a little. The 3D earth looks great and the user interface works very well for spinning the globe, selecting cities, and reading the news. If you leave Playstation Life running the globe spins by itself and selects cities around the world showing the weather and news.
The realtime clouds are impressive. Playstation Life is much better than what many TV stations have in their weather forecast shows. Maybe we will see some PS3 footage on the TV news soon.

Music is running in the background that you can also customize and choose your own tracks.

Overall this is a nice way to run Folding@Home and keep your PS3 on and your HDTV busy.
Via the Playstation blog.