As an owner of an Xbox 360, a PSP, a PC and other older gaming consoles, I have to say that the PS3 is one of the sleekest designs yet. How about under the hood? Well, judging by what I see on the screen, I'd have to say it's pretty good. The selection of games isn't all quite there yet, but it's growing. The free online is a big plus, but obviously it's not as feature-rich as the xbox 360 pay service aka Xbox Live.
One big thing Sony is pushing is the "Home" functionality, which is supposed to be something of a virtual world. There's a lot of hype surrounding it, it may end up just being glorified version of the sims and nothing really revolutionary or spectacular. It could be a deal maker though if it takes off.
The only other thing that I felt let down a bit about was Sony's decision to keep the same controller design. I guess they felt stick with what works, but me and many friends are preferring the 360 controller design. You might want to go to the store and try them out.