MPEG-2 Blu-ray vs H.264

I recently posted on here just asking to double check that my MPEG-2 Blu-ray encode settings were suitable for Encore. I was encoding using Apple Compressor 3.5.3. Once response said that my settings were fine, while another again said they were fine, but suggested using H264, as it gives the same picture quality at lower bitrates.

So, if I were using an average bitrate of 32.3 Mbps and a max bitrate of 38 Mbps with MPEG-2, what should my H.264 settings be, again using Compressor?

Also, is H.264 a cleaner looking encode? I've read that MPEG-2 is older and can be noisier, requiring more Mbps for a good picture.

Will either codec play back using my PS3?

Thank you!

John-Paul