I bought mine 2 weeks ago. Well I realized that most of the HD movies that I'll considered to buy are on Blue Ray. Well I got the $400 unit , I tested it with Spiderman 3 and I like what I saw, so I didn't return the Ps3 to Sears.
Now I have both HD formats.
I bought RFOM, cool game. I like the control and the fast pace of the character.
Basically the only game that I may consider right now is Unreal Tour 3, but I going to wait for the Xbox version, because most of my "online" friends play on the 360.(A friend of mine won that game for PC and I been using in my PC, too expensive to get a Direct X Card so I got the Ps3)Metal Gear and Gran Turismo, I'm very familiar with those on the Ps2 and Finally Haze which got delayed again are the other titles that I wanted for the Ps3.
What I don't like is that new games are being released on 720p, like Uncharted DF. I can't recall if Assassin's Creed is 720p too, because I have that game for the 360 and my brother took that game(Ps3 version) to make comparisons and the 360 versions is smoother, look more vivid. I have and 1080 Samsung Lcd, LN-T4071F, we played with the settings and we both agree that the 360 version looks better.(remember this is my opinion). Both using HDMI.
Now I have the best of both worlds on gaming and HD movies, so if your budget can take it go for it.
Final note, my bother bought the Ps3 60 Gig version and he is on the third console and he barely use it. I bought 2 X360, my kids back in Jan 07 and is working fine. I had 3 RROD and back in Nov they send me a new unit after I talked to a supervisor, sold it and got an Elite. But as long as I'm not paying a single dime on those replacements I don't complain.
Something that helped me is the use of a Battery Back up so no electrical surges will affect my consoles and TV.