As of 04/14/07, I am now among the few select people who own the PS3.  Yea, I wanted one sonner or later, and I thought sooner would be better before they start making major changes to the PS3.
Now...  I can truely say, you should have an HDTV, because if you don't, the graphics will suck.  If you don't have an HDTV, then get the Xbox 360, the graphics on the regular TV with a 360 are great, unlike the PS3, which well. Sucks!  I have a regular TV and the 360 puts out much better graphics then the PS3!!
One day, I hope to get an HDTV! hopefulliy something 1080p.
Oh well, time to game!