The bottom line: The high-end Sony PlayStation 3's larger hard drive and ability to play PS2 games makes it a worthwhile alternative to the cheaper model--so long as you're willing to wait several months for the more promising exclusive titles to hit store shelves. If backward compatibility is your top priority, this hard-to-find model may be worth the search.

It may cost more, but as a high-definition gaming system and a high-quality Blu-ray player, the PlayStation 3 slays the competition.

Today Sony isn't simply playing catch-up; the PS3 has grown into a capable system that does almost everything the Xbox 360 can do, and many things even better. As a home theater box it's impeccable, and it's getting better with every update. As a gaming machine the lineup of exclusives is impressive, and more are on the way. Sony failed when it thought that it was unbeatable, and it rallied when everyone thought it couldn't be saved.

Overall, I am impressed with the system's potential. The graphics power is there and once developers have had the time to tap into it, things should change a bit. In fact, I think we'll see great things from the second generation of games from the PS3. Combine that with a few software upgrades, better HD scaling, and a major overhaul of the online system and you can go ahead and add two points to the current score, three if Sony really delivers with the updates. The score reflects the PlayStation 3 as it exists now.

It truly is technologically superior to both the Xbox 360 and the Wii (which isn't really a direct competitor). But to succeed, Sony and its third-party partners must tap into their traditional strength of delivering compelling games for the console. The PS3 looks like an expensive box at first, but seems less so when you compare its cost to the cost of a stand-alone Blu-ray player, a high-end PC graphics card, the Xbox 360 with its HD-DVD add-on, or even a Media Center PC.