Thanks for all the comments guys...
While it's a close call I'm probably going to hold off on a PS3 for a while...
The main reasons being:
The Blu-ray vs HD-DVD war isn't totally over
The lack of backwards capability with PS2 games at this stage (hopefully firmware updates will fix this)
The high cost of the console and games
Ultimately if I got a PS3 at this stage it would mostly be used for streaming media. That said I'm going to look closely at the firmware updates as it seems some great functionality is coming to the PS3 down the track.
08/12/2007
See my profile for my PSN wants/have trade list