Installing data isn't necessary for PS3. However, since every model has a HDD making it a game requirement is easy on PS3. Core 360's don't even have a hdd, so making it a requirement is out of the question. MS will adopt blu ray for future games like Gears of war 2, gta vice city 2 and so on. People will get the choice between multiple discs or a install on their hdd if they have one or play it from 1 bd disc.

The blu ray drive is in fact moving slower while reading, but since a 10 fold of data is in the same area as a standard dvd they read a lot more data. Reading your data from hdd however still beats reading from bd/dvd any day.

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