The main purpose of the PS3IR-PRO is to offer a way to integrate all the functionality of Sony's Blu-ray remote to a standard universal remote. The PS3IR-PRO has access to all 51 remote buttons, so you can easily watch Blu-ray movies and perform all the standard functions, such as access the pop-up menu or skip chapters. Of course, some functions are obviously handled better by an actual game controller, such as browsing the Web or (obviously) gaming.
The PS3IR-PRO is powered via USB, which is convenient if your entertainment center has an always-on device, like a TiVo or cable box, with a powered USB port. If you don't have one of those devices, you can buy a USB power adapter, such as an iPod charger. The standard USB port on the back is definitely preferable to the ps3toothfairy's less-common power adapter, although we would have liked if at least a USB cable was included at this price. Note that you cannot use one of the PS3's USB ports, as they did not provide power when the PS3 is turned off.
Also on the back panel is a wired IR port, for custom installations. There's a RJ11 jack marked as an "expansion port," but it's currently unused.
The PS3IR-PRO is firmware upgradeable, which is important since it's possible that future firmware updates to the PS3 can cause the power off macro to break. Unfortunately, the instructions for upgrading the firmware aren't included or available on the standard Web site--you need to register to the forum to find it. That being said, upgrading is easy as connecting the PS3IR-PRO to a PC and dragging some files on it. As long as you trust Schmartz to keep up with the update, the PS3IR-PRO should be future-proof. The ps3toothfairy, on the other hand, can't be upgraded but offers the ability to program your own macros.