There have been two primary reasons for which people have bashed the PS3 for since E3 2006: price and software.
These are legitimate criticisms, but they've been taken to such extremes as to declare the PS3 "doomed", "finished," or "out of the race."
I suspect that Sony's main reason for keeping the price of the PS3 high for so long is that they were reluctant to have the console encroach upon the profits of the PS2. In fact, the only reason Sony released the PS3 this early was because competition from Microsoft forced them to. If it were solely up to Sony, the PS3 would not have launched in November 2005, because the company had not finished milking the PS2 dry yet.
Conversely, Microsoft was eager to be done with Xbox, as the platform was intended the whole time to be a stepping stone to dominance, not a profit generator in and of itself.
Fast forward to October 2007, and Sony is starting to make the transition from PS2 to PS3 by dropping the price quickly and coming out with a new SKU. Thus, one of Sony's two weaknesses is being alleviated, while the other will be relieved when Sony's lineup comes to maturity in early 2008, with a solid lineup of exclusive titles including Warhawk, Motorstorm, Resistance: Fall of Man, Heavenly Sword, Uncharted: Drake's Fortune, the Eye of Judgment, Ratchet and Clank: Tools of Destruction, Haze, Little Big Planet, Killzone 2, and of course, Metal Gear Solid 4: Guns of the Patriots.
Later in the year, this lineup will be supplemented with the likes of Gran Turismo 5 and Tekken 6, and in the further off horizon God of War III, Final Fantasy XIII, and Final Fantasy Versus XIII.
The reasons for hating the PS3 are diminishing. The PS3 is now priced competitively vis-a-vis the Xbox 360 (though still not at a mass market price), and in a matter of months the "PS3 has no games" and "just wait" arguments will be rendered useless.
2008 will be the year that Playstation 3 comes into its own. Game on.
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