I wouldn't call it running well though. Just barely playable on PS3. It was possible to get into a car, drive down a long, straight road and then crash into an invisible building because some cars were faster than the console could load assets.
Yes, see my other comment in this post, I've mentioned what you've said, however, you should know, ps3 gpu could use both vram and ram but CPU on the other hand didn't, so it's kinda shared actually