I have the older 40 gig Ps3 that came out right before the MGS4 ps3 came out. I've updated it with a 300 gig hard since then. I have had my 40 gig for about 2 and a half years and have not had any major problems with it. Due to my room being really dusty I do have to clean the vents on it every so often or it will start to run loud, but other than that it's perfect.
I can give you a couple pro's and con's to help with your buying decision.
Pros:
An awesome line up of First party games.
Metal Gear Solid 4
Uncharted 1 and 2
Infamous 1 and 2
God Of War 3(Plus the God Of war 1&2 remake)
GT5
Valkyria Chronicles(Awesome Strategy game, although most might not like it due to the JRPG aspects)
Killzone 2 and 3
Twisted Metal
Socom 4
It's getting awesome 3rd party support too.
Games like Medal of Honor, Dead Space 2, Mafia 2, Portal 2 all are getting exclusive Ps3 content.
There is also the Ps3 exclusive Rockstar game set in the 70's that has to be shown off.
With the addition of Ps3 move, it will be like an HD wii.
Built in wifi and blue tooth.
Free online
Built in BluRay player
The failure rate is nowhere near an issue as it is with the 360, especially on the slims
At any point you can swap out the HDD in your ps3 with a bigger one, without voiding the warranty. Any 3.5 Sata will do. So if you find a 500 gig drive for cheap, you can easily upgrade your ps3.
You can then get a hard drive enclosure and turn your old ps3 HDD into a external drive
Cons
There hasn't been Ps2 backwards compatibility since
When they do break, if your warranty is up, it'll cost you $150 dollars to get your Ps3 repaired.
Most older multiplatform games are crappy ports.
The slim doesn't look as aesthetically pleasing as the fat models do in my opinion.
Conclusion: Great purchase, especially if you want to get into Blu ray movies. It is ideally cheaper in the long run compared to a 360 due to the wifi being built in, and the online aspect being free. With the price tag being so low right now I would jump on at any chance I get.
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