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Not bad at all, though your mileage will vary. Resistance: Fall of Man has fairly lengthy between-level load times, but once you're in a game, load time is virtually non-existent. Overall, the PS3's loading is pretty consistent with the Xbox 360 or Wii. Not super-speedy or super-slow.
Interestingly, some games will let you install 5GB of their data on to the hard drive for enhanced load performance. Ridge Racer 7 is one example. It's a nice option to have, and you should look forward to more future games taking advantage of this option.