I bought this during a recent Mega Monday deal - exceptional value!!! My first generation PS3 suffered a second YLOD and I figured it worked out better buying a new PS3 slim (as I needed a new controller anyway).
I also plan on selling the Resistance 3 game that came with it (not interested in it) and should make a return that means I will effectively have bought this for less than a price of a standalone PS3 160GB model.
The reason I gave it 4 stars is because...well, I didn't want the Resistance 3 game and because the Battle: LA blue-ray movie (which I did want) is in the Resistance 3 case. I would have preferred to have had the movie in its own case. FYI, the game case is for Resistance 3 but it has a small thumbnail on the cover indicating that Battle: LA can be found within. It's also a shame we can no longer play our PS2 games on this version of the PS3 - alas, they will now be put up for sale :o( .
All in all, my son and I love playing on the PS3 - hours of weekend fun and for this price (even without the Mega Monday deal) having done my research, this comes highly recommended.