I have a 60gb ps3 and I have to say I love it. No regrets on buying it. The graphics are awesome (even though I don't have an hdtv), and the sound is awesome as well. You can share media files over the network from your pc, just like the 360. You can download games on the playstation network to play on your console. You have 100% compatibility with both ps2 and psone games (something that the 360 doesn't have). And the wireless bluetooth controller is awesome, and the memory card slots are a plus. You can use it wirelessly or wired to the internet. I have it wired since the wire was already there from my ps2.
It does run kind of hot, and the fan revs up and is pretty loud. They do have a ps3 intercooler that you can buy for 30 bucks that will help keep the temps down.
The only complaint about it is that I wish they would have changed the controller, it looks exactly like the dualshock 2 controller, except for where the wire would be coming out of the front, it has a plugin for the usb cord that charges it. And the controller doesn't have rumble, that would be nice as well.