It was a nice feature back in Q1 2007 when I bought one, simply because there really weren't any PS3 titles that I felt compelled to play initially. Buying a console without buying any games sounds pointless, but I was more interested in the Blu-Ray player, knowing that the good games would come later (First Year Rule of consoles).
That was roughly until Q3 2007 when HS and holiday season releases began to unload and the PS3 game drought ended.
Considering the current library of PS3 games in addition to all the works in progress, there is no need for me to buy any more PS2 games.
As for the 50+ PS2 titles I already have and occasionally play (MGS Essential Collection), BC is nice to have, but until Sony stops making PS2s, hardly anything I consider essential. My first year PS2 still works fine, even if it is packed away.
If I'm patient, the next PS3 I buy will be a reduced component/reduced cost/reduced power consumption model (PSThree), but I'd be surprised to see one before 2010 (four years after the debut of the PS3). BC won't matter to me by then.
If I'm impatient, I'll buy a reduced CPU/GPU die model that uses less power and runs cooler, but is still a big, black shiny obelisk of plastic.
Without BC.
The PS3 library only keeps growing.
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