At least my PS3 doesn't RRoD. Want to know some more pros? Free online services, a store similar or better than the XBOX Live Marketplace and a fantastic Blu-Ray player built in to one nice package. Very underrated system that is better than that red ringed white box.
All people do is whine about the price, but it's worth the money. You can play HD games, BD's & DVD's (with a variety of display options), import movie/audio/picture files on to it, buy movies and games, it has a very quiet processor, it never scratches your game discs, it has built-in Wi-Fi, and you get free membership to the Network which offers lots from demos, trailers, free online gaming, etc. You can also play old PS1 games on it and try them out w/ a wireless controller for once.