Yes, it is well worth it. The more important question is why didn't you buy it sooner?
There's been problems with backwards compatibility with PS2 games so they took out the option unfortunately. I for one would be more than happy to deal with some issues to have it back. Also considering the price of the parts you are more than getting a good deal. Blu-ray? $300 bucks at best. Wireless music player? $40 at best. Online game play? Free. 80GB HDD? $50. Broadband Cell Engine? There's only one supercomputer, and no homecomputers or servers, that use it. While the PS3 isn't as competitive with number of games it has lasting ability like the PS2. You can update the HDD for more memory storage up to 1TB and maybe more. You can add chained USB HDD's. And you won't find a chip as powerful as the Broadband Cell Engine for personal use for likely another five or seven years.
As for quality of games. The first few years that the PS2 was out it didn't have games any better than the Xbox and much less choice. But the PS2 well outlasted the Xbox and is still being developed for. Square is releasing FF XIII which is supposed to push the graphical envelope on the PS3 and is being heavily dumbed down for Xbox 360. Gran Turismo 5 (rumoured to be released in december) should also do a fair job of pushing the systems envelope provided it's not just a copy of Prologue with more cars and tracks.
So why didn't any of us buy it sooner?
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