Can my PlayStation 3 play Blu-ray movie discs?

A recent study shows that many PlayStation 3 owners don't know of HD features.

40% off all Playstation 3 owners don't know that it has a Blu-ray drive. Of those 40% half don't use the unit to watch movies at all.

These figures comes from a report from the NPD Group, called the "Next Gen Functionality & Usage" study.