Yep, it will have sound coming from all your speakers, so, "surround sound".
Just make sure that you set your PS3 audio HDMI output to "LPCM" from the audio HDMI setup menu. And your receiver will show you "Multichannel PCM" from it's front panel display. And when you select the appropriate soundtrack from the blu-ray disc audio setup menu or Audio selection track from the "Audio" button on your remote, you can be assure that you'll get the full benefit of the high resolution audio of Dolby TrueHD or DTS-HD MA audio soundtracks.
Bob