Obiwan just said everything I could think of to say. I've got two buddies of mine that have PS3's that pull double duty as gaming machines and Blu-ray players for their High Def systems, and they look and sound fantastic. Plus like Obiwan and everyone else said they're 100% upgradeable, which makes them the best Blu-ray player on the market right now.
I mean yes you could hold off on Profile 2.0 compliant players if you want a regular style DVD player, but the ease of upgrading and using the PS3 is really something else to see. Plus you can link into the Sony store and download video game sample to see if you like the game before buying it. That's really cool IMO.
And it also offers free online gaming, if you're into that stuff, whereas Microsoft charges I believe $50 or $60 dollars for a year of service.