Both iTunes and WMP11 can work on the folder/file organisation of the other or even another 3rd one "custom" - so thi sshould not be a show stopper
I personally have also a very well organised WMP 11 library and could get iTunes point to it and my children ha iTunes library (more or less organised and I could point a WMP 11 to it as well without any truble orside effect). So yes this is a valid option to share with PS3.
By the way, iTunes may be more attractive and got etwork sharing earlier than WMP, on the other end, iTunes is not DLNA compatible while WMP11 is. I have a home server and run simultaenously the WMP11 as DLNA server fo the PS3, WMP11 etc... in the house and iTunes in "server mode" to support remote iTunes (my childeren are retrieving media out of the home server to feed their iPods). Regards
If you mean iTunes library sharing - NO it is not DLNA-compliant. (Apple "thinks different" you see... )
PS3 will play AAC files but doesn't recognize iTunes tags, so you'll just get a mess of "Unknown" files.
WMP11 won't even recognize AAC files, but TVersity does.