It's a great deal for those who don't need backwards compatibility. dgm6780, for me there are multiple deal breakers. As in games that I am constantly replaying on the PS2. They are Okami, Dragon Quest VIII, Dark Cloud 2, Ratchet & Clank (all 3 of the PS2 games), and Odin Sphere.
Now, most of these are being resolved/will be resolved. Okami is coming on the Wii. I'll most likely stop playing DQVIII (my favorite RPG of last gen) when DQIX hits. Dark Cloud unfortunately has seen no hints at a sequel recently. R&CF:ToD is of course a new R&C game, but I don't like it as much as the PS2 games. It's a viable replacement, but why downgrade? Odin Sphere can be replaced by Oboro Murasama on Wii whenever that makes it to America.
Still, even with most of my PS2 games replaceable soon, the PS3 is missing software that appeals to me. My favorite games are (as you can surely see from that list) Action-Adventure, Platformers, and RPGs. The PS3 is lacking in all 3 of these right now, and it's filled with my two least favorite genres (sports and racing) and with one that I don't care for in particular (shooting). So, I agree this is a great deal for those who don't need PS2 BC and like the current PS3 software, but for me the PS3 is still a distant purchase.