I've had every console by Sony and I've had the PS3 since launch day.
First and formost people who bought this console on launch day paid £425, I think this console was over priced - this is one of the reason's I've given it 4/5.
The other reason I've gave it 4/5 is because Sony are so stingy they don't even give you a HDMI cable, instead they give you a bog standard AV connection (I used the one from my PS2 because you might as well if you didn't buy the HDMI cable). Thank god play give you one though.
If you buy this I'd recommend you buy a HDMI cable (if you don't buy it from play.com) don't do what I did and buy it after, viewing this from the standard AV connection on any kind of TV is alright but once you've hooked it up via HDMI you'll be blown away.
Set up is easy like any other Sony console, you don't really need to look at the manuel.
Once you've turned on the console and gone through the system wizzard/settings you should register your console for a PSN (PlayStation Network) ID, if you register your console you will also receive a free copy of Casino Royale from Sony - well, it's the least they can do after you've forked out all that money.
You will need an internet connection in order to register on PSN it's either wired or wireless and is easy to set up.
When I bought mine I didn't bother with buying any games as I knew the PlayStation Store would offer demo's of games which they did. On launch day however, there wasn't that many demo's but they do get you by until you buy a game. I do believe now that the PS Store has a huge amount of content you can download. (Download the MGS4 trailer it's amazing).
I bought this console for 2 main games: Metal Gear Solid 4 and Tekken 6. Since these games aren't out yet I have Fight Night Round 3, Resistance: Fall Of Man, Virtua Fighter 5 and Ninja Gaiden Sigma, I also have Mortal Kombat 2 and Tekken DR from their store. I really didn't think I'd buy many games since I am looking forward to the main two I mentioned but I just had to buy NGS.
If you liked the previous consoles from Sony then you'll love the PS3. I wouldn't buy the PS3 just yet, it's not because there's not many titles out (there is more choice now) I'd just wait for a price cut for the machine and Sony might wise up and throw in a HDMI cable.
The PS3 is also backwards compatable with PS1 and PS2 software so if you're like me and packed away your PS2 then no need to worry. PS1/PS2 games are even upscalled on the PS3, DVD movies are also upscalled.
The PS3 is also a media centre console because you can store your video's (mp4) music and pictures. You can do this via 2 methods. 1, memory cards (SD, Memory Stick etc) or a nice peice of software called TVersity.
I prefer method 2, but if you don't want to use your internet bandwidth up then method 1 is better for say pictures and music. I personally don't keep any music/pictures on my PS3 at the moment because Sony haven't enabled the function where you can either put your own background on the home screen (like PSP) or you can play your own mp3's instead of the in-game soundtrack (like XBox/360). They may do this in a future firmware update.
The PS3 also gets very hot I'm not critising it for this but it's worrying sometimes.
All in all the PS3 is a great system and it's got alot of potential like I say though, I'm a huge MGS fan and this is why I bought it but I don't regret buying the PS3. Sony are apparently going to cut the price of the console in the U.S it's said to be -$100 so I'm sure it will happen here.
Great job Sony, and may the 4th be with you.
PSN ID: ObiWanJabrone