you can get a PS3 for 300 dollars right now, just look on ebay. There are plenty of 40GB PS3s for 300 and under you can get. The PS3 won't drop till prob early 2009, and there are at least 5 great exclusive PS3 games before then (Valkeryia, LBP, Resistance 2, Disgaea 3, motorstorm 2, possibly white knight chronicles) plus of course ones that are already out. I can't remember the last time a console had a holiday season as strong as the PS3 has this year release wise (esp if you include multiplat titles).
I would just get the PS3 now and pick up a PS2 when Persona 4 comes out or something else you REALLY need. The cables are 3rd party cables, around 30 dollars, and not officially suported. You can get better resolution then normal, but its still not great. It's kind of like hooking up the Wii or Gamecube with the "HD cables", it looks significantly better, but its still pretty bad compared to HD consoles.
PSN ID: ChosenOne feel free to add me
