I bought this console for my kid and havent got my habds on it yet, but I find it extremely easy to use and the graphics are just amazing. I am not a very rich guy and nobody in my friend cirlce has this console as of now, so i find it of course of snob value too.
The downside is the extremely pricey ganes that you can buy for this console. Also, if I have to create a profile it has to be done right at the begining of the system installation or else you lose all game progress. Then Sony does not give you a HDMI cable with it and that sets you back by another Rs.2, 700/-
Then buy a game that is either very violent. and of course very expensive.