I haven't posted here in a while - but this thread caught my eye and pissed me off!
Everybody is making these broad generalizations about cost, value, and quality. I thought it might be worth posting what my experience has been.
Keep in mind this is *my* experience and may be useful to people similar to me!
I bought a PS3 within a couple weeks of release (got lucky and found one in Best Buy) - I live in NYC and I have the money to afford it. I have only bought one game since then, "Resistance: Fall of Man", and I agree that so far the game list is weak.
However, I own approximately a dozen Blu-ray movies and watching these has been worth the cost of the system. Beautiful picture and sound - makes having a 1080P TV worthwhile. Since the 1.80 firmware it also has surpassed my upscaling DVD player as the best way for me to watch standard DVDs as well.
Beyond this - the media server functionality works well and I am trying out various 3rd party products to increase the video codec support. I also went out an bought a couple SA-CDs since they have thrown in that capability as well.
I am not a "sony fan-boy" but the quality of audio and video that the PS3 brings into my apartment is unlike anything I have had before. I don't regret buying it at all - I can't wait until the games get better over time (remember PS2 launch... similar launch title weakness)