If it's any consolation it drops on the 360 too!
I think all the foliage, Kahns etc overload the Gamebryo engine at Red Rock Canyon.
I'm currently playing it on a 40GB PS3, and have to say the load times in general are longer than on the 360, and I have had one or two that took a good few minutes. I don't know if it's an issue with how the PS3 partitions its memory?
When the frame rate drops a bit in other areas that should be fine, have you tried saving then reloading the save?