...firstly, I'm not going to start comparing it to the Xbox 360 because I don't have one. Although some of my friends who do have one say that the PS3 is still very very good and are considering switching over.
Aesthetically, the PS3 looks sleek and glossy, it is quite big though.
The PS3 is very easy to set up. From the unboxing of the console to the playing games online, this took me roughly 10 minutes. I also use the wireless internet and it is very easy to use and works smoothly with no glitches or anything. Also, the internet use and Playstation network is totally free, so chatting to mates online, or playing games online is free. Unless you want to download PSP games from the network, this isn't free but is very cheap.
The interface is very nice, the menus are easy to navigate through and you can change the themes and wallpapers easily.
The 80GB hard drive is very big as it is, however an external hard drive can be used easily - through the 2 USB ports provided. The 60GB version has 4 USB slots, but I've needed more than 2 at a time.
The Remote Play function (connecting a PSP with the PS3) works very well, as long as you have a wireless connection, you can access your PS3's HDD from anywhere in the world via the internet - which is COOL. You need to keep the PS3 connected to Remote Play too though.
I also recently imported a CD into the PS3. The 17 track album took no longer than 5 minutes to import, which was nice.
The Blu-Ray player built in works superbly well, and can also be updated electronically. Through an HDTV, is looks stunning.
I use an s-video connection through my TV and the graphics from the PS3 look amazing, even though its not officially an HDTV. If you have a normal TV, use an s-video connection because its much better than the RGB connection which is provided. S-video illuminates colour much more and sharpens up the image to look (very close) to high definition.
The controllers are really comfortable to use and they are very light, can be charged easily and work wirelessly.
Overall, definately 10/10 would massively recommend you buy one. Hope this helps...