The PS3 is overpriced by a small margin ($500 for the top version is more reasonable) but it's by no means a piece of junk. It does only have 1 game worth buying for it though (Resistance: Fall of Man). Same thing with the Wii however...Zelda is the only must-have game for it, and the graphics are good enough, but not next-gen <I>at all</I>. Some reviewers are already saying the Gamecube version has better controls because you get the fully controllable camera...with 0 graphical changes.
Sony made a mistake by putting a Blu-ray in the PS3, but it's not big enough to seal their fate. I've seen Wiis sitting on shelves in my hometown, while the 25-payload shipment of PS3s were gone before I could look at a box yesterday at Best Buy.
It's a typical launch really. Most game consoles have 1 good game at launch and this one is no different...except the choice of "fun" controls that don't really work in 80% of the launch games, or being able to have next-gen graphics with every type of HD support for the cost of my car.