Too many other games to play.
I'd buy a PS3 right now if it wasn't for the fact that i've still got about 7 Wii games and 3 Computer games i've yet to play through.
That's not counting the 4-6+ other games that 299 could buy me.
It's silly to buy more hardware when your drowining in software.
Also the problem with this thread is that it's on a videogame website. Where pretty much only "serious" videogame players hang out... who are a very small part of the overall consumer base. Making this site very unrepresentative of the general populace.
Well that and you don't know the situation of the PS3 when it's at $199-$299. The price of Blu-ray players and where the PS3 is at numbers wise matter a lot. Behind far enough and it just becomes a new gamecube.
Also, 299 40 gig with full backwords compatability by the end of the year seems like a pipedream. Either way.. 199 is when it'll hit mass market.