I bought the game off PSN but my friend bought it on disc, so I borrowed it to see how much of a difference there is between load times and it was unbelievable! I recorded it on video and put them together, they've been synched so that they both start loading at the same time.
Thought this might help some people who're still on the fence about digital downloads vs. buying retail Bluray discs. In my opinion, I'll buy a retail copy if it's a single-player game with no replayability since I can always sell it once I'm done. I'll usually only buy digital off PSN if it's a game I know will be a keeper or will have lots of replayability (mainly the online multiplayer component), unless there's a PSN sale and it's ridiculously cheap.
I also added a scene of Ellie's puns after HDD finishes loading to help pass the time. After about a minute of the Bluray loading you can see a percentage indicating how much longer there is to go. You don't even see that on the digital version for any scene of the game, not even multiplayer.
PS3 console model: CECHH02
PS3 HDD: Seagate Momentus XT (hybrid SSD)
Game version: 1.02