FYI - Here is the answer to all of our questions about the PS button that I found on the ir2bt forums:

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The Sony PS2 IR code for PowerToggle is directly mapped to the PS3 BlueTooth code for the PS button. So anytime you need to use the PS button on the PS3 you'll be pressing the PowerToggle button on your IR remote. If you hold down the PowerToggle button on your IR remote, it sends the same BlueTooth command as if you were holding down the PS button. PowerToggle (IR) = PS (Bluetooth). I hope this answers your question.

Bruce...
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