Sony PS3 mainly supports MP4 video format, so you can't directly play M4V purchased or rent movies from iTunes Store on Sony PS3.
You need convert M4V to MP4 for Sony PS3, in other words, you need a M4V video converter tool, which is used to convert M4V to MP4 playback on Sony PS3.
Videos purchased or rent from iTunes Store are in M4V format with DRM protection. You have to remove the DRM from M4V videos and convert them to MP4. So what you need must be not only a video converter, but also a DRM remover. Try M4V Converter Plus, which can convert M4V to MP4 for Sony PS3 and remove DRM protection from M4V excellently.
M4V Converter Plus is a powerful M4V to PS3 format (*.mp4) converter software. It supports Windows vista, XP, Windows 7 or later. It also uses high-speed recording technology to remove DRM protection from purchased & rent M4V files.
Download M4V Converter Plus's trial version, install and run it, when you run this M4V to PS3 Converter, you will see the simple interface and use it easily.
Tips: This M4V video converter supports free trial, it can only convert one minute each M4V file. You can get full version by purchasing it.
In the output drop-down list, there are kinds of video format. You can choose a suitable output format according to your PS3 type. If you don't want to use the defaulted output directory, you can click Save to > ... to set it. Click Open you can quickly find the converted files.
M4V Converter Plus allows you to customize the video/audio parameters for the output files. It also provides a lot of presets for almost all the portable video players, there is no need for you to set them again.
Now you can click the profile to start converting iTunes M4V files. And then, you can play the iTunes M4V videos on your PS3 without any limitation.