A good MP4 video converter will help you resolve the problem in the most direct way. I sincerely recommend WonderFox HD Video Converter Factory Pro. It offers smart fit presets for PS3 and other devices, ranging from game consoles, TVs, and mobile devices to Projector and Home Theater. Thus, you don't have to know which formats your devices specifically support. The software also gives the quickest and simplest operation for video formats conversion, allowing you to convert large files in seconds. Another striking point I have to mention is its multiple functions, which empower you to download videos from the likes of YouTube, record screen, fine-tune videos by cutting, cropping, adding special effects, and so forth.
Here is how to convert MP4 so that you can play MP4 on PS3: