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Well, I know the chances of getting an answer to this are slim, but it doesn't cost much to ask :)
I'm still working on trying to stream radio stations to the ps3 from my unslung NSLU2. Can stream audio and video files great. I noticed that madplay is available on the NSLU2, and I found how you can stream radio stations using wget and madplay. Command is :
wget -O - http://vipicecast.yacast.net:80/franceinfo | madplay -
This works great actually, and I can stream for hours without a problem. I've been trying to find a way to put this into the transcoder part of config.xml without succes. Thought that there's a slim chance that someone has already pulled this off. If so, I'd appreciate your help.