Final Cut Pro X (with Compressor) can burn a high definition video by exporting as Blu-ray and then burning directly to a DVD-R as an AVCHD disc. I prefer to save to disc images instead of burning directly. Unfortunately, when Compressor burns to a Blu-ray disc image and then that disc image is burned to a DVD, it is not playable on the PS3 (it reads it as a data disc).
But, there is a way to turn the Blu-ray disc image into an AVCHD disc. First, install Wineskin Winery from here (http://wineskin.urgesoftware.com). Then download multiAVCHD (http://multiavchd.deanbg.com/) and ImgBurn (http://www.imgburn.com/) and install both in a Wineskin wrapper. The executable that should be launched by the wrapper is multiBOOT.exe. Launch the multiAVCHD wrapper. In the settings tab, check "Use ImgBurn with DVD/BD-R output" and "Use ImgBurn ISO mode". Load the disc image that was created by Compressor and then click Start. Choose AVCHD Disc as the output format. multiAVCHD will do its magic (changing the header of index.bdmv to INDX0100 and the header of MovieObject.bdmv to MOBJ0100, etc). It will then launch ImgBurn. Change the label of the volume and be sure not to include the Certificates folder.
The AVCHD ISO that is created can then be burned to a DVD and will be playable on the PS3.