Cons:
-Price (of course, although it's probably the best deal console-wise when considering amount it takes to manufacture and the amount they actually sell it for) I wouldn't say that the price is too much for me right now, but if only there were more games that would make up for the high price, then I wouldn't really care.
-Game Library (All of the games I'm waiting for haven't come out yet)
-Size (Again, something I really don't care about) But when you think about what Sony has done in the past, I think it's almost guaranteed that they'll come out with a smaller version some time in the future.(You know, since they did it with, the PS(PSone), PS2(PS2Slim), and PSP(PSPSlim).
-Relatively small fanbase as of now, compared to the other next-gen systems. This is probably one of the bigger problems. Smaller fanbase means less money(which is overall pretty bad for the company) and it turns some game developers away from creating a game for the system.(Mainly first party games, which is very bad) Not to mention some first party games will switch over to other systems or go multi-platform, which is, again, pretty bad.

Pros:
-Awesome graphics. I just so happen to have an HDTV, so I can't complain about how I won't be using the full potential of the PS3 graphics-wise.
-Free Online. You're already paying for your internet, why have to pay for internet AGAIN using your own internet?
-Region Free Games. Great for when a game doesn't come out for the US, but does for Europe.(Usually doesn't happen, but when it does, it's useful) And Vice-Versa.
-BluRay. Better than getting a BluRay Player. And if they ever win the format war... well it won't be a pretty sight for the HD-DVD and the people that own them.
-PSP connection. I'm not sure if it's out but you'll be able to connect with your PSP and play emu PSone games that you've downloaded on your PS3 onto your PSP.