Yes it is!
Connect both the Analog (scart) cable and the the HDMI cable from the PS3 to your BV740 --> When they both are connected, you hold the power button on the console (not the controller) for about 10 sec till you hear a beep. When you hear the beep, the PS3 has gone from Digital to Analog, and there will now be picture in your linkroom.
Next time you want to use your PS3 with your BV740, you have to set it to HDMI manually. It works fine this way, if you don't mind holding the power button for 10 sec everytime you want to go from Digital to analog.
I hope it helps.
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