I haven't used the PS3 but I did have their old half-rack version of essentially the same effect, a low-res digi reverse-delay with pitch shift. I don't remember the model # right now, maybe RPD-10? It was very cool, but also noisy, glitchy, and rough sounding. I don't remember any loss of lows, but OTOH I was using it in a noise-band context with lo-fi gear. Anyway, it was indeed an excellent crazy noise-maker, and it's possible the PS3 is similar. Sorry I don't have any clips.
On a side note, I Googled "Boss PS3" just a few minutes after you posted this thread, and the thread showed up on the first page of the search! Talk about
SEO!