Don't get me wrong, the PS3 is an absolutely wonderful game system. I personally own one, and I love it. The PS3 offers High Definition graphics, with beautiful sound and picture. It can play Blu-ray disks, as well as DVDs, you can download and buy games and videos directly from the Playstation Store, add friends to your network around the world, and it has potential to have more power than a regular computer. It can rip music from CD's store pictures and other media from SD cards and FlashDrives, and can even have the hard-drive partitioned to dual-boot with an operating system.
Why isn't this a 5/5? Because there have been a severe lack of quality games. There are good games like LittleBigPlanet and Fallout, but so far, the PS3 does not seem to have a headlining game, (XBox 360 has Halo, Nintendo has Mario). The PS2 had God of War and other such games, and PS3 owners are currently waiting for their opportunity to own games like that. This system is an incredible piece of work nonetheless, with Internet browsing capabilities and doesn't overheat (easily), but to own one, you must really dig deep into your own pockets. I would definitely reccomend buying this system, if you can afford it.
Update On May 24, 2009: I may have spoken too quickly. The PS3 is a wonderful piece of work, both visually and in regards to hardware. I think I may have neglected the fact that there are INDEED many good games out there, such as: Fallout 3, Ratchet and Clank, GTA4, LBP, and the Orange Box from Valve. I did not mention these, as the majority of these titles are not console-exclusive, as in other consoles (Xbox, PC) have these games as well. The PS3 can out perform the other systems though (unless you have a good gaming PC) and I would still highly recommend purchasing it to anyone.