Well, my ride with the PS3 is pretty much over. I had to choose between two consoles to take with me to school (having to study 6 hours a day will cut into your gaming time, believe me), and it was all too easy to choose the 360. I won't be stuck with a $500 doorstop (I'm one of the few 20GB owners here).
It's a great console, but way ahead of its time. Blu-Ray was a big mistake for Sony. Don't expect a price drop anytime soon. Sony is in a very difficult position, since even though the PS3's MSRP is quite steep, it costs even more to make it. And at the price it's at, it will flop. As a gaming console, if it remains at $499/599, the PS3 is DONE. Especially with Halo 3 as the final blow.
I'd like to remind people launching the PS3 alongside the Wii was also another big mistake, because word of mouth among casuals is usually only about one console. Casuals won't go, "Wow, look at the Wii, its got an awesome new controller, and how about that PS3, the graphics are insane and it has Blu-Ray built-in" --> That's nerd-speak.
Among casuals, it's very simple: "Wii is awesome". Nintendo essentially stole away all of Sony's thunder during launch, to the point that my mom knows what a Wii is. People have the Wii in their mind, go into a store and can't find it, they look at the PS3 and go "oh yeah, that's the new Playstation". They play the kiosk, look at the price, and walk out of the store still wanting a Wii. The next time they go in, they'll ignore the PS3, just like every other casual. It's pretty clear that only hardcore gamers are buying the PS3. It needs a price drop pretty badly. If Sony doesn't drop the price, Microsoft will walk away the winner in the HD console war worldwide, mark my words.
I don't want to come off as a troll or anything, but it's pretty clear it's not a bad idea to sell your PS3 while it still has some value.