When you did your scan for the wireless it should have said beside the results if security was enabled and what type (if any). Part of your problem is stemming from this random WEP pass key you are putting in- it is either not matching or there is no security on in the first place.
Having looked around the emulator some more it seems this router does its encryption somewhat differently than most (yet another reason why it's best to wait on specs to be finalized before picking up the latest and greatest). This particular method is not supported by the PS3. You'll find it in the "Wi-Fi Protected Set Up" under the Advanced tab.
You most likely will have to turn off the encryption or, if you want/ need the encryption on, can put that IP address we set up earlier into the router's DMZ (demilitarized zone). This is in the Advanced tab as well- click on Firewall Settings and you will find it about 3/4 down the page. Check the "enable DMZ" box and put the IP address for the PS3 into the other blank, then click Save Settings.
Once that is done, enter the IP address you used in the DHCP settings of the router into the PS3 (go into manual instead of easy). The next page that comes up will have blanks for the default gateway (the router's IP address, 192.168.0.1), subnet mask (255.255.255.0) along with the Primary and Secondary IP Addresses. You will find those on the Status page of the router.
Once all of this information is done try the connection test one more time. If it still fails you may want to consider returning that router for an 802.11 G model, which the PS3 will support with no problems.