Well, the main functions are that it can play games & UMD movies. However, you can also watch movies by using a Sony Memory Stick and compressing your own movies. Game demos can also be downloaded and placed on a MS.
It can also surf the internet, check RSS feeds, play games available on PSN with connectivity through your PS3, & play mp3s.
You can also homebrew and emulate but those aren't really advertised features of it.
All I can think of off the top of my head. I think all of the extra functions are its high points. The low points is a lack of really worthwhile games, which is generally what a buy a console for, handheld and household.
To cash in my CC rewards points for $300 in Circuit City gift cards to purchase a 360 or not: That is the question.
