will lfs work on a playstation 3 system ??

no, sorry

I'm not aware of any plans to do so either

You can run Linux on PS3, and LFS on Linux, but I wouldn't buy a PS3 just to be able to frustrate myself trying

Quote from ashfurlong :

will lfs work on a playstation 3 system ??

That wasn't very general to be honest, I think you actually got the answer you were looking for :P

Something more appropriate could have been : Will LFS work on anything, like my toaster?

Quote from frokki :

You can run Linux on PS3, and LFS on Linux

Indeed you can, however, I wouldn't imagine the PS3 would run LFS very well under linux, if at all.....

It wouldn't run very well, becuase they are different architectures (PowerPC vs x86 PC) therefore WINE wouldn't work (also no OpenGL in Linux without drivers, so WINE fails x2), and to run it in a Qemu or similar system would be really slow, and fail due to no 3D capabilities in the VM or in Linux on PS3.

Short Answer: No.