However we don't think the PS3 is dead just yet. Here's five reasons why we think you should take another look at the PS3 if you're a home gaming console fan, or if you're looking for a treat for your dad on Father's Day.
Finally, some good games for the PS3
It does take some time for video game makers to come out with games that make you go 'wow'. With the exception of a few games (such as Ratchet & Clank Future: Tools of Destruction), the PS3 hasn't had that game that inspires people to rush out and buy the console.
Most of the 'must have' games over the past year have been available on one or other two systems, including games like Guitar Hero III, Rock Band and Call of Duty 4. Even Grand Theft Auto IV is available on the PS3 and the Xbox 360.
But the exclusive release of Gran Turismo 5: Prologue means that if you're a fan of this racing series, you'll have to buy a PS3 in order to play it. With more franchise games launching soon (including Metal Gear Solid 4: Guns of the Patriots, the next Final Fantasy chapter and eventually God of War 3), there are more opportunities for gamers to rediscover the technology advantages of the PS3 over the other systems. Couple the games with the new DualShock 3 controller (which incorporates both rumble and SIXAXIS motion sensitivity technology), and you have a gaming experience with the potential to exceed anything else on the market.
Blu-Ray's win over HD-DVD gives Sony an edge
While most still consider the PS3 and Xbox 360 primarily as a video game system, the inclusion of network connectivity and the ability to play music, videos and view photos means that they're becoming more of a home entertainment console. Sony's inclusion of a Blu-Ray high-definition drive gives customers the option of experiencing the next-generation of DVD without having to buy a separate player.
Blu-ray's recent victory over HD-DVD in the 'format wars' means that PS3 owners won't have to worry about compatibility, unlike people who bought the add-on HD-DVD drive for the Xbox 360 (fortunately, the HD-DVD drive wasn't integrated into the Xbox 360, so Microsoft can save face with owners by selling an add-on Blu-ray drive).