Pros: I like the fact that it uses a SATA connection for the hard drive.
So upgrading to 7200 rpm shouldn't be a problem. 16 MB buffer should be sufficient.
At least with the PS 3, you don't have to buy all kinds of accessories just to get things to work.
That you can stream/copy your MP3s, videos, pictures to your PS 3 using the Media Server feature.
The DHCP feature was a big plus for me.
The ability to watch DVD/Blue Ray movies.

Cons: Universal settings for all user accounts.
Not having the ability to have custom settings for each user.

Here is an example: my brother uses headphones when he plays games. I don't, I use the TV sound.
In the settings-sound settings-audio output settings: my brother uses the Audio Input Connector/Scart/AV multi-
I use the HDMI audio output

We are constantly having to change that every time one of us logs in to our PS 3 account.

Other Thoughts: Do not be afraid to upgrade your hard drive to a 7200 rpm drive.
16 MB buffer should be sufficient, I would not recommend anything over 32 MB.
32 MB might be just a little too much. That's where you might run into compatibility problems.
7200 rpm drives do work though, just be on the safe side and get a 16 MB buffer.
SATA only.
Not SATA I or SATA II

Pros: Its a PS3, and it was available on Newegg! I bought this for my brother who had searched hi and low for one at the retail stores to no luck, another online retailer was wait-listing customers, so I though of newegg, and like usual, they didn't disappoint me or him!

Cons: The one he did get at retail (before returning it) wouldn't output HDMI. The one from newegg worked flawlessly from out of the box.

Other Thoughts: I still like my xbox, but the PS3 is a slick machine!

Pros: Uses 1/3 the power of the old beefy model. Cooling seems to be much better as well from reports. Blue ray and HDMI with a decent amount of onsite storage!

Cons: none yet!

Other Thoughts: I purchased this not even for a gaming system as a primary! So many features it's well worth it. I'll probably pick up a couple sports games for party's.

Pros: I used to have a old PS3, but it was still good!
new SLIM one looks great, and easy to carry, its good for play it in a dorm, that is cool!

Cons: New games are a little bit expensive

Pros: Best gaming system out right now!

Cons: None.

Pros: Works well came quickly. Its a good buy since its no taxes are put on it from newegg.

Cons: none

Pros: amazing capabiliity, blue ray player, quality over quanity in exclusive titles, reliability, FREE online gaming.

Cons: inability to play ps2 games.

Pros: Blu Ray!!! Onboard Wifi, free online play, rechargeable wireless controllers, Sensors in the controllers (good idea, hasn't been utilized all that well yet) Netflix!! Web browser, good front end for the system, easy to navigate, better graphics than Xbox 360 or Wii! (if you ask me) Wider community of adults playing on the system, I tend to not run into $h%t talking five-year olds like I do on XBL. umm, no RRoD, no terrible hardware configurations (aka, chips on the freakin underside of the motherboard, which rely on heat transfer pads that don't work, or an X-Clamp heatsink configuration that is made of cheap metal that deforms when put under intensive heat *high-five Microsoft!*, or one freakin fan that is expected to keep the entire case cool as well as function as the heatsink fans... I could continue) QUIET, fan nose is generally at a minimum, though I have had the fans kick up when it is in an enclosed area. I could keep going but I am running out of space.

Cons: not a whole lot. Guess they could update the web browser, that thing is a dinosaur. PSN is a bit laggy at times, but I can't complain, especially since it is free.

Other Thoughts: I have owned this system for well over two years now and it makes me laugh when people talk about its "shoddy hardware" and the fact that it "cannot last for over a year." I saw one review that even went as far as to comment on how it "only has 256mb of Ram," seriously people? If you were REALLY into computers you would realize that it doesn't NEED 16 gigs of Ram because it isn't running any formidable, resource sucking OS like windows or Mac OS X. And, as it would appear, they don't break all that easily, mine is still working ;)

Pros: PSN (they're spitballing charing for it thou) WiFi, Blu-Ray, USB, Web browers, this list is long.

Cons: They're not built to last. I've gone threw two, both where Blu-ray drive related issues. (I've actually been thru 3 drives in total) This is the sole reason that I'm giving 5 eggs.

Other Thoughts: I've purchased a total of 5 PS3's, all new, two where gifts for family. This machine is amazing, it's just a do-it-all quality of life-improving piece of hardware. I don't often use the system for gaming, it's more of a glorified Blu-ray player for me. I also ensure my home is clean and my tech gear is well cared for...they just....die. 3 eggs, five if they had longevity..don't buy if you can't live with one breaking the day after warr. runs out.

Pros: Blu-Ray (streaming isn't close to taking over)
Doesn't fail every 6 months
Massive selection of games
Free online
Built in wifi
Very low noise, my computer is louder
DLNA media center support (mediatomb for linux/OSX, TVersity for Windows is what I use)
Most PC controllers work on the PS3, so long as they support whatever the standard is called
Netflix support (in XMB app coming later this year)
Facebook integration (some people consider that a con...)
PS1 games work on all PS3s
Upgradable hard drive (mine is at 500GB [90$ upgrade, thanks Newegg!])
Remotes are rechargeable out of the box.
Does have Flash, but SouthParkStudios and Hulu BLOCK the PS3 on their end. Such bullsh*t, but not the PS3s fault.
Any Bluetooth headset should work, yes that cheap 10$ one that came with your phone will likely work.
Some games support keyboard/mouse gameplay. Too bad all don't, but that's a game makers decision.
Youtube integration with some games
In game music (your music)

Cons: No HDMI cables included, not a big deal but it's an annoyance if you don't have one.
OtherOS was taken out of the Slims
I wish that the PS3 had wifi profiles like the PSP does
I also wish all PS3s would get PS2 support, but it's a trade off on the price.
PSN isn't quite as smooth as Live, but the gameplay is the same. I'm not paying 50$/year for a unified game lobby in between games. Cross platform games like MW2 play the *exact* same otherwise.
Internet browser needs a HUGE update (Webkit, I hope?)
More USB ports would be helpful, two is a little low. Rock Band came with a USB hub but I prefer a powered USB hub to avoid burning out the PS3 USB ports. I haven't heard of anyone that had problems with that, but I'm cautious.

Other Thoughts: When using a HDMI connection, whether it's HDMI to HDMI or HDMI to DVI, don't use the PS3's auto detect feature. When it boots up it will say "HDMI connection found. Would you like to automatically switch to optimal settings?" click No and do it manually under settings, set it the highest that your TV supports, but no higher obviously.

I didn't buy form Newegg (I should have) but from what I see it's packaged well. Comes in a box with foam/air bubbles surrounding the PS3 box. I work at UPS and I see PS3s come through with the label slapped on the PS3 box. Not from Newegg.

My fav games:
Uncharted 1/2
MAG
FFXIII
MGS4
Heavy Rain
G od of War Collection + 3
Bioshock
Assassins Creed 1/2
Games you probably missed (and are still in my fav list):
Valkyria Chronicles
Ratchet and Clank (there are two disc games, one downloadable)
Demon's Souls
Warhawk