***if you do NOT have an HDTV i would recommend you wait, that way you can really take advantage of the Bluray player and you'll be able to always read the text on the screen.
but yeah the PS3 has many PROS
PROS:
great graphics (better than the 360 by a tiny bit)
HDD is plenty big (which allows faster loading times)
Bluray movies look awesome
wireless built in
you can stream videos and movies to a psp
great games like Heavenly Sword, Resistance, Warhawk (so i hear)
hardware is VERY reliable and high quality
discs are just sucked in, no stupid disc tray to mess with
controllers have a rechargeable battery Built in (i am assuming the same with the Dualshock3)
CONS:
pretty damn big in size
some have loud fans
expensive (but really it includes things that you have to pay extra with other consoles)
almost all games require a minimal install (which can take a few minutes at times) (however SEE Pro 2 above)
do not come with rumble controllers (yet), but the six axis controller is very nice and sturdy
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