I have seen a number of people who had the same problem as me: the PS3 does not show up as a shareable device in Media Player 11 no matter how many ways you click on the right options to share on either the PC or PS3. I'm not a network specialist, but this is what I discovered.
First, if your PS3 (normally "Unknown Device") is not showing up as a shareable device in Media Player's share window it is because your PC does not see the PS3 on any network. This is the part that confused me because my PS3 has been using my wireless router to access the internet for months now. What didn't occur to me is that the PS3 is using the wireless router but because the router is wired to my PC I had never actually set up a wireless network. Since the PC wasn't on a wireless network all I'd been doing was sharing an internet connection (via the router) but the PC and PS3 had nothing else in common.
Now here's what I did: because my PC doesn't have built-in WiFi support I grabbed the USB WiFi receiver that came with my router and plugged it in. Now my PC was using still using the internet through the wired connection, but after a short setup, was also part of a new wireless network. Lo and behold the mythical "Unknown Device" suddenly appeared in my Media Player share list and it's been smooth sailing ever since.
To sum up, the problem I had was that I mistook sharing internet connections with being on the same network. My PC and PS3 were never actually networked this whole time. The solution was to get the PC on the same network as the PS3 (i.e., set it up to receive wireless signals).
My guess is that people who had a similar problem to me also have a PC old enough not to have built in WiFi, while others who had the sharing process work never thought about it because their built-in WiFi support has had them networked properly without even thinking about it. Those of us without built-in WiFi had no reason to set up on the wireless network since the internet connection doesn't necessitate it. I was fortunate that my wireless router came with the USB receiver. Hopefully others have similar hardware. Otherwise, a classic wired network should have the same results.
I sincerely hope this helps anyone who had the same problems I had!
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