Sony has opened the Open Platform for PlayStation 3 site, which contains the "Other OS Installer" needed to install Linux on the new game console system. If you're one of the lucky few who bought one this past Friday, instructions for installation are also available, as well as a FAQ.

There's already detailed Fedora-specific installation instructions at QuickJump; the one major limitation to be aware of right now is that there's no GPU driver (the PS3 uses a NVIDIA-developed GPU similar to the one in GeForce 7XXX products), so you'll be using the framebuffer for graphics.

Some abbreviated instructions by way of NeoGAF (thanks gofreak):

Preparation:

1) Download and burn Fedora Core 5 to a DVD
2) Download and burn the PS3 Linux Add-On Packages CD
3) Using a USB stick (or other storage option, like CD/DVD/BD etc.) create a folder at the top level called 'PS3'. Within that folder create a new sub-folder called 'otheros'. In that folder you need to put to files:

otheros.bld (bootloader - found on the Add-on Packages CD in the 'kboot' folder)
otheros.self (Sony's "Other OS Installer")

4) Create a Linux partition on your PS3 (via the XMB format utility)
5) Connect the USB or other storage from 3) to your PS3.
6) Start the "Install Other OS" Utility. It will scan for the otheros.self file, and when it has found it, will display its location. Select that and it will install the bootloader.
7) Set the default OS to be "Other OS" in the XMB system settings.
8) Reboot the machine. It will now automatically boot the bootloader from which you can install your OS.

Installing Fedora Core 5:

The bootloader will have a command prompt. To install type the following command:

install-fc sda

It will prompt you to insert the Fedora Core 5 DVD. Put it in if you haven't already, and hit 'y'.

It will then ask you if you want a minimum or full install, enter your preferred option. It will warn you that data on the linux partition will be erased - just hit 'y' to continue.

When finished, the DVD will eject. It will then prompt you to enter the Add-on Packages CD. Just pop it in and hit 'y'. It will eject to finish, and that's the installation complete. Just enter 'reboot' to start Linux or 'halt' to turn off the machine.

There's also already a video up at YouTube with PS3 Fedora being put through its paces. Also, one of the Gentoo developers is working on an overlay for the console.