I have a PS3. It plays all of my old PS2 and PS1 games without a snag. They just recently discontinued the models that are backwards compatible; I am fairly certain you could still find one new. Also, if you like to tinker with computers, the PS3 is sold as a computer in Europe to circumvent tax laws meaning that it will take any hard drive with the right physical characteristics and will also run Linux. Wireless bluetooth controllers are awesome, mine last for days before needing recharging. Sony is starting to get things organized for the online section. Disadvantage: The Japanese get most of the cool stuff first, but you should be used to that. On the other hand, you can access the online stores for other countries if you establish an account and can get demos of foreign stuff. Their is no region encoding on the PS3.
These guys will give you the capabilities of both machines.
http://www.console-exploits.com