I love my PS3, Its the best console Ive ever bought. Im lucky enough to have the 60Gb premium Version that has the card slots and emotion engine to play PS1 and PS2 games. I dont use it alot for gaming though.
You've pretty much pointed out why I haven't jumped on the PS3 bandwagon yet, even with the price drops. There still isn't that exclusive "killer app" that's compelling me to buy one. I mean, DS had New SMB, Xbox had Halo, PS2 had GTAIII (back when it was exclusive), etc. etc.
The PS3 is no slouch - and in it's own right it's a damn fine machine. But I want a gaming machine to games first and do the nice little bonuses second. And yes, it does have some good games - but nothing that you can't get on a PC or Xbox 360* really stands out for me.
Admittedly, I'm going to pick one up eventually - but at this rate it might be a purchase in the next generation of consoles.
(*Not taking sides in a fanboy flame war - I don't have a 360 yet either - but it's mentioned for comparison's sake)