I picked up a 40GB PS3 last week, and I really love the machine. In fact, much to my surprise I like just about everything about it more than the Wii and the X360. For example: it's region free, it upscales my DVD movies, I can watch bluray movies on it, playing online is free, and it won't randomly blow up or die.
So far I've picked up Folksoul (Folklore in the US), and downloaded Mortal Kombat II (an old favorite) off the PSN. I've been having a blast playing MKII online with random dudes - brings me back to the mid-90s US arcade scene that I used to love. For $5, it's an amazing deal, and the matches are pretty smooth. I've played Folksoul a few hours and it's quite good - better than I expected. It's made by Game Republic, who also made the excellent Brave story rpg for the PSP.
I've preordered Senjo no Valkyria, due out on 4/24, and I'm pretty excited for that as 1)the game looks amazing, and 2)It's made by the Sakura Taisen team, which is one of the best development teams out there IMO. I also ordered Agarest Senki, a JP-only strategy game, and I pre-ordered Battle Fantasia due out on 5/22 (it's only $53.99 shipped at yesasia.com!).
Any other recommendations? Super Puzzle fighter HD remix is fun, and I'll probably download that off the PSN soon.
Oh, I also picked up the 4-bluray boxset "Planet Earth". I highly recommend this!