Answer:
"adidas" is right on most everything except the part where he said you can only download a purchased item off the PSN store 5 times. You can delete, and Re-download an item you bought as many times as you like! (I deleled and re-downloaded this 1941 airplane game off PSN 8 times!) Where the confusion usually happens is mistaking the the number of PS3's you can have registered (5) with the number of times you can Re-download a game (Unlimited).
Also, some game data cannot be copied due to a copy-protection sony puts on some saved game data. Although, most saved game data can be copied and trasfered to another PS3 easily.
Cheers 
{ 1 comment… read it below or add one }
Game data can not be transferred to any kind of external device.
You can download any content you have purchased onto a different PS3. If it is not your PS3 or the PS3 is not in the same residence, then it is considered illegal, as this is called game sharing.
You can game share by putting your account onto another PS3, then downloading the content associated with that account (XMB > PlayStation Network > Account Management > Transaction Management > Download List).
You only have 5 activations per item purchased, so if you were to allow 5 other friends access to your content, you would no longer be able to play what you bought. Do not give out your account information to anyone you don't know, because once they have this information, they have complete access to your account, and can change the password so you can never get back into it. Also, if you download your content to a different PS3, your account has to stay on that PS3, or the content then becomes inaccessible (but one of the five activations is still used).
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