The iPhone is definitely a nice piece of hardware, especially after the latest firmware release. The app store is brilliant and convenient. The browser is unrivaled. The interface is smooth. It's definitely an all in one device that does it all very well.
If the PS3 doesn't release that killer must have app in the next 90 days (and if you were me, that would be a no, since Team ICO ain't releasing a game this year), than go with the iPhone. You can always get the PS3 when it is cheaper and attains the must have status.
Threads of Interest:
The Movie Thread: http://www.vgchartz.com/forum/thread.php?id=6880
The Crow Eating Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=3886
The Betting Thread: http://www.vgchartz.com/forum/thread.php?start=0&id=7104
Custom GIFs Thread: http://www.vgchartz.com/forum/thread.php?id=18963
The Greatest Game Ever Conceived On Any Platform
Tag: "I have tasted Obi-Wan's bitter tears"