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 and Windows 7. It also uses high-speed recording technology to remove DRM protection from purchased & rent M4V files.