When it comes to the Playstation three, you can search the web for PS3's Pros and Cons but they are all outdated.
Now, after over a year of being out lets see what i think...
But before we get into it, people... be open minded..

Pros:

1- Being able to play games in "True High Definition 1080p" - Playstation 3 is the only system out that can do this...
2- It has a Blueray Player - It is still the cheapest Blueray on the market, lets not forget the size of the Blueray Disc.
3- It has a 2.5" swapable HDD - You can replace your HDD with any Notebook Hard Drive.
4- The Cell Processor - This processor has 8 individual cores. It has unbelievable potential.
5- 6 Person Video Chat is Sick! - You have to try this at least once...
having a 6 person video chat with people across the world is kool.
6- System is Reliable - Unlike some other system out there...
7- Open to install another OS - Linux isnt very userfriendly, but atleast its something.

Cons:

1- Delays - Sony is notorous for there Delays, they delay everything, hence giving there console the "DelayStation 3" nickname.
2- Did not ship with a Dualshock 3 - And now, the loyal launch buyers are stuck with multiple SIXAXIS controlers.
3- Does not come with an HDMI Cable - It dosent even ship wih component cables. You cannot reach 1080p without HDMI.
4- They took away Backwards Compadability - They expect you to buy back your original Playstation games online.
5- PS3 dosent use the Cell Processor proficiently - yet...
6- Changing your Faceplate will void yout warrenty - thats probably the reason why they dropped that idea all together.
7- Even a year after launch, Games still look better on the 360 - For most games this is true...
8- PS3 FANBOYS - There just as bas as 360 Fanboys. People need to see things for what it is.

The reason i do this stuff isnt because im a "Fanboy", its becaue the
PS3 is the system i play. One thing i can do that many other people cant, is accept the consol for what it is. Every console has its pros and cons, and only time can change them. I dont believe the PS3 is doing so hot in the "Concole War" because of the lack of 3rd party effort to push the ps3's hardware. It also dosent help that the wii is doing so well.

This is only my opinion, i think the Sony needs to step there game up.