I ended up going to Toys R Us and getting the PS2 DVD remote for like $10 that had the Open/Close button and Reset button. I tested the Reset button on the PS2 remote and it works fine turning on the PS3 using the PS3IR-500 when I press it for under a second.
Surprisingly when I attempt to turn off the PS3 with the same button, it shows the controller icon (designated as #7) with a full battery charge icon on the upper-right hand corner of the screen when pressed for under a second. When I keep the Reset button down for about 3 seconds, it then prompts me to either turn off the system or turn off the controller.
I'm not sure if this matters, but I have the older PS3 (the one that's able to play PS2 games). After pressing the Reset button for about 3 seconds, it prompts...
"Turn Off the System" (highlighted by default)
"Turn Off the Controller"
After selecting X or Enter on the "Turn Off the System" option, it verifies again...
"Do you want to turn off the system?"
X or Enter is selected again to power the system off.
Doesn't the PS3IR-500 have a additional built-in Discrete Off macro that will power off the PS3 from any scenario (game, movie, XMB) with a single IR command? If so, which PS2 IR command is it so I can transmit it to my learning remote so there won't be a need to stand there holding the remote while the PS3 powers off? If it does include a macro to already do this, I don't think my unit has it.