Is it possible to watch blu-ray on the ps3 on a regular t.v. with the same effects.?

You will not get the same effects, however the picture is noticeably better than regular DVDs. It still doesn't compare to HDTVs though. Saving up for one myself!
 
You need a TV (Plasma or LCD) that supports HD to get the full quality value of a blu-ray. A standard TV won't do much to help you.
 
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