I feel the PS3 is superior to the Xbox 360 as a media player. But this is just a personal preference.

So fringe benefits of the PS3 as blu-ray over other blu-ray players:
- Plays games
- Try game demos from the PS3 network
- Rent HD movies from the PS3 network
- Great media player (for your pictures and home movies. Rips *cough* too)
- Free Netflix streaming if you subscribe

Some newer blu-ray players do stream Netflix movies but they come in at a similar price point to the PS3.