Is there a way to put the PS3 on standby mode like you can with the PSP?

May be...

On my PSP when you turn it off, it saves the exact point you were at in the game so when you turn it back on you are in the last exact place you ended.



However, on the PS3 when you turn it off, you have to start the game all the way back from the title screen and load your last save.



Sometimes this doesn't work out so good because most of my games don't allow me to save where ever - they only allow me to save at certain check points.



So if I was half way through to the next check point and I turn it off, I would have to re-play the half I already did when I turn it back on since I had to start back from the Load Game title screen.



So I'm asking, is there like a standby function or option that you can set for the PS3?

No, the stand-by function currently used by PS3 is when you turn it off and it goes to red lights as opposed to completely off.



Hopefully they will add this with a future firmware update.

yes you can just hold down the ps button and and press turn off system and then just wait and you will see the ps3 on button turn from green to red and that is on standby mode it off but you can press the ps button button again to start it easy

sorry i dont think you can.