We hardly ever use our PS3 for gaming (other than the occasional Rock Band party with friends). As a cd/dvd/blu-ray player it's terrific. It's WiFi networking also makes is a great MP3 playback device (if they'd only improve the GUI!)

I've heard rumors that the 2nd gen PS3's may be much more "component looking"...though if you don't need to stack anything atop it, it's a pretty good looking piece of equipment itself as-is.