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TVersity has a very easy-to-use graphical interface. Even better, it comes preprogrammed to grab content off the Internet and can send it to any device you'd like. As of now, TVersity will only work on PC machines.
Tweaking the settings inside TVersity will allow you to format your source material for any gadget or console you own.
XBMC also has a friendly interface, but it requires a bit more customization to function properly.
With that customization comes the ability to use plug-ins such as the YouTube extension, which will pipe in content from the popular video hosting site.
When properly configured, videos being served to your PlayStation 3 will show up in the video section of the XMB.
Once you've set up your TVersity or XBMC server, videos will automatically populate in the video section of the Xbox 360 dashboard.
TVersity will show up just like any other source on your PlayStation 3. Once selected, you'll have access to all of the content you've selected on your PC.
To your Xbox 360, the TVersity server will appear as any other source. This is the screen you should see if you've configured the program correctly.