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The main issue was probably the memory architecture. Splitting it obviously caused some issues for certain multiplatform games. A little more would have helped too.

There are a few issues with the other components, but I think the pluses outweighed the negatives. The Cell was complex but has lead to some amazing first-party titles. The GPU could have been better and if Sony hadn't banked on a second Cell acting as a GPU they could have invested in a more modern GPU architecture. It's done the job this gen though. As for Blu-Ray, it helped sell some consoles and "win" the format war so I think it worked out for Sony.