My friend brought Uncharted 3 so that we can play multiplayer, but the game keeps asking me for a game pass (I've logged onto the PSN account on which he redeemed his game pass). Is it console-bound or are we doing something wrong?
The PSN pass requires an actual download from the PSN store. What you need to do is after logging into your friends account on your console, go to the store and look for the online pass in his download list and download it to your console. After that every user on your console can play Uncharted 3 online.
Please note however that your friend's pass has limited amount of consoles where content can be downloaded to. This can be either 5 consoles or 2 consoles if he redeemed the code after Nov 17th 2011, So make sure your friend is aware of that before you download the pass to your system (you can always deauthorize your system).
If you wish to download a pass for yourself, you can either look for it on the PSN store (it'll be under DLC for Uncharted 3) or buy it directly through the game. It should cost about $10 or a close price at your currency.
The Online Pass only works for accounts on the same system as where it was redeemed.
I've also been informed that it is additionally tied to your PSN account with a 5 activation limit.