I didn't say the ps3 is not worth it. Well....to me, right now it's not. It's not even compatible with PS2 games. Not to mention it's grossly over-priced. $700+? Wait a few months after release, more titles will be available, the price will drop due to demand, and finally someone will come out with a mod chip so you will be able to backup all of your games.
What I meant was that blueray and HDDVD are too new. It's going to be another Beta vs VHS war. Again both technologies are too new, the players are too expensive. Not to mention there could be compatiblility issues. Finally the copyright protection is totally against the consumer (something I'm not going to get into as it just get's me too boiled up)
In my eyes, wait to see which format becomes the more dominant, by then, the prices will have dropped, there will be a better selection of players, and someone will have come out with a DeCSS type hack, so the honest (and I guess the not so honest) consumer will be able to back up his/her valued collection and to get around the advertising and stupid FBI statements which we're forced to watch...oh no here I go
But hey, in the end, each to their own.