Not a waste of money. Heres a small list of reasons why man...
-You can buy the 500 dollar model, sacrifice the sd/compact flash and the other slot, and use the extra money to buy a different hard drive AND SONY ALLOWS YOU TO SWITCH THE DRIVE without voiding your warrenty
-HOMEBREW IS SUPPORTED, and thats one of the reasons you can sacrifice them slots i was talking about becuase im sure somone is going to come out with an FTP app to transfere files, or you can just use linux
-YOU CAN RUN ANY LINUX DISTRIBUTION! So you basicly have a PC/Gaming console
-Who needs wifi? i'd rather hardwire my console to my network since wireless isnt as reliable, and i allready have a ethernet cord run to where my ps3 would be, where my ps2 is now
-Backwords compatibility

although its not at its best right now, theres always firmware updates
-If you have a psp you can use it for special features, such as a rear view mirror for racing games
-If you have a PSP and PS3, your going to be able to download PS1 games on the ps3 and send them to your PSP and play them on there! And im sure soon your just going to be able to rip your old disks to the PS3 and send the image file over to PSP and play them.
-The thing just looks damn sexy, although its a fingerprint magnet...
I can go on, i'm not getting one yet though since most consoles have problems at launch (yeah every console does, so don't trash sony)