The console itself is awesome. The black colour makes it look really cool, and the double hard drive space is really useful for storing downloadable content, saved files and music that you can play while gaming.
As for the game, RE5 is a lot of fun, and much more fun with another person to play it with (hence 2 controllers) with many different playing modes it kept me and my brother amused for hours.
As for the price, what can I say? It's ridiculously cheap for what it is. A wireless controller will set you back £30, a brand new game about £40. Thats a mere £130 you're spending on an actual games console with 120Gb hard drive space!
In conclusion: I bought one, its awesome, I haven't regretted my decision for even a second.