In a word Yeah it'll work fine but it's worth noting that the PS3 is region free for PS3 games but your old PS2 games won't work though as they are region locked.
And it's worth noting that some of the Movie studios region lock their films so you might have problem playing them back unless you buy the US version from Play.com
You'll have no problems with the power supply either
Not unless you plan on sticking it through a TV more than 5 years old. Anything newer can handle both signals. Even if you have an old TV you can get a converter to change the signal type.
If you want the best display you're better off getting a HDTV with an HDMI input
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And it's worth noting that some of the Movie studios region lock their films so you might have problem playing them back unless you buy the US version from Play.com
You'll have no problems with the power supply either
If you want the best display you're better off getting a HDTV with an HDMI input
Power supply is the main thing... No step down converter needed anymore...