When I bought Bad Company 2 it came with a VIP code. A one time only VIP code. What ran through my mind is what if I have to format my PS3, or a firmware update requires "servicing" (see former), etc. What happens then?
On PS3 your downloads are tied to your Playstation Network account. I think you can redownload it at will as long as you use the same login credentials.
The VIP code for Bad Company 2 is tied to your EA account I believe (but all in all pretty much the same difference). The same goes for games like Splinter Cell Conviction exclusive content (tied to your UPlay account), Dragon Age Origins (tied to your Bioware / EA account). Once the code has been tied to your account you can redownload as many times as you want to the console your profile is currently set up on. This is the same on both the PS3 and 360 (assuming that it works similar to the PC).
The first rule of intelligent tinkering is to save all the parts. -- Paul Erlich