Bah, if you want to swing your storage ePenis, wait a couple more years for HVDs to come out. With 100+GB per layer, you'd be able to get a lot more bang for your buck.
The sweet spot for HDTV is 720p. You get HD quality, without using as much storage space, and you don't go about wasting what almost a full 1/3 of HDTV owners have as their maximum.
And I still laugh at the laughably long loading times the PS3 will have. Trying to pump 4+ times the data, through something running as fast as a 4x DVD drive(2x BD-ROM=4x DVD-ROM stream speeds), when the PS2 had a 2x DVD drive in it. That means you'll be looking at no less than double the loading times.
And then, there's the latest coming from sony, in what the PS3's slogan is. "This is living". So, apparently the PS3 is no longer a game console, or an entertainment node, or even a home appliance. The PS3 has become a lifestyle, in and of itself.