To answer your question. NO the PS3 is one of my best investments. I gladly paid $599.99 US on Launch day and still have no regrets well I actually have 1 regret and that is that I don't own 2 of them.......yet.
Edit: $700 is still cheaper than what it would take to bring my 360 elite up to Par with my PS3!
Wifi $90
Next Gen Movie Playing atleast $250
Peace of Mind that it won't Red Ring on me PRICELESS
View