No sir, I don't like it.
No. Linux doesn't give you full access to RSX.Wasnt there an early exploit that allowed you to install linux, and play pirated games on the PS3?
There is a hardware mod that allows you to play PS2 backups, but as it requires you to open up the PS3 and make some hardware modifications. I don't see it as very practical when there's a possibility of ruining a perfectly good PS3, no matter how small the risk is.