@ Squilliam
Some of that was probably reserved memory for future features. If you give developers too much of available resources (they may use it), this leaves very little headroom to advance further with functionality.
The same with regard to the SPE used by the OS, the amount of performance reserved may seem like overkill at launch, but some very cool media features have been and will be implemented.
The PS3 has 256 MB of flash memory for firmware updates vs only 16 MB on the 360, looking at this and at the PSP Sony's PS3 designers have probably looked far ahead into the future to decide their long term needs and requirements.