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Depends on what you are trying to get out of it. If you are a developer, and you want to play with the CELL, there is no other inexpensive option. If you just want to learn Linux, it's not a bad way to go.

If you don't have a PC and don't want to play games, it's 90% of what a real PC would be (it's just memory limited).

If you have a PC, your better off just skipping it. If you want to install Linux just to play with it, I would get a live CD, and do it on your PC before I did anything with the PS3.

I put YDL on my PC3 the day it came out. Played with it for 3 days, and have not gone back to Linux on my PC3 in over a year.