Haven't tried this, but apparently a Japanese gamer was able to rip HD DVD exclusive, burn it on Blu-ray and get it running on a PS3. What was used:
• HD DVD drive
• Copy of Transformers HD DVD
• Drive for Blu-ray disc writing
• BD-R/RE disc
• HD DVD rip shareware "AnyDVD HD"
• EVO file demu freeware software "EVOdemus"
• TS file demux/remux freeware software "TSremux"
• BD lighting software "Ulead Burn.Now" (BD drive bundle)