Buying a Used PS3 Questions/Concerns...HELP

[Strofan7]

So I just found a ridiculously good deal on a PS3 on craigslist, so good in fact that it seems too good to be true. So I was wondering what sort of risks I could be looking at? 

If I were to meet with the person and test the system, apart from the obvious which is playing games and movies what should I do/look for? Also if it was stolen by the person I'm buying it from what risks could I possibly be dealing with?

Thanks for any advice.

 

FYI the deal is 7 games, hdmi cable, dualshock 3 w/ cord, and a 120GB slim all for $120. I tentatively offered him $200 for it in an email but I'm obviously wary about this...