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Pros:

-Great quality. Sony had a few mis-steps with hardware quality regarding the PS1/PS2, but the PS3 is rock solid. Even the small details down to the touch-sensitive buttons and the disc-drive all run and look great.

-Capabilities. From playing games, watching Blu-Ray movies, burning CD's, or browsing the internet, the PS3 can do a hell of a lot of things, and well.

-The PSN/PS Store. While not as smooth and intuitive as Xbox Live at this point, it is a huge step up from Sony's PS2 online service. Offers all the basic features, and with services like Home, and great Firmware updates in the future, it has a lot of potential. Oh, and it is free.

-Holiday line-up. Say what you want about the PS3's game library, it is looking mighty impressive for late this holiday season well into 2008 and beyond. And if you are impatient: Resistance, MotorStorm, Ninja Gaiden, Oblivion, and Virtua Fighter 5 should tide you over.

Cons:

-Price. Although justifiable when taking its capabilities into account, many just want a gaming machine. And as a pure console, it is quite expensive.

-Lack of rumble. Not a big deal to me personally, but I can see why a lot of people miss the feature, and if recent rumors come true, it may be back.

-Games often delayed and/or jump ship. I see this problem dying soon, as developers grow accustomed to the hardware and the userbase grows, but lately it has been quite a downer.

-Slow content upgrades on PSN. Although the past month or so has been relatively good content-wise, there can be one too many dry weeks here and there.


I hope that somewhat puts it in perspective, I tried to keep it as objective as possible.