Yup, I can confirm that PS3 Media Server works basically the same on the 360 as it does on the PS3. Mind you, I haven't streamed something 1080p to the 360 yet, so I don't know what the quality of that would look like.
The only small annoying thing I find with streaming is that you can't really fast forward. It kind of messes up on HD mkv and on rmb files if you try to skip ahead. That's probably my only gripe.
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