PS3 has Demon's souls and Marvel Ultimate Alliance and that's pretty much it (unless you are a masochist, then there are the inferior console ports of PC games like Fallout and Sacred 2.)
There's also Folklore, but while I like the game you'd need to have a very lenient definition of "action" to call it an "action RPG". Mechanically, yes it is an ARPG, but in terms of pacing it's almost as slow as the infinity engine games.
Valkyria Chronicles has ARPG elements, but is a strategy game.