I got my ps3 for 400$ and found that to be a great price for several reasons
1. I don't have to pay 60$ a year to play online, if you've had live for 2 years you've already made up the the price difference between the the cheaper models of ps3 and xbox.
2.the thing can go wireless I don't have to go out and spend 20 to 30 dollars on a 200 feet of cable to run to my router and create a tripping hazard to my younger siblings, especially on the stairs.
3. Diversity, most of the xbox games are just shooters while the ps3 has some nice variety in it's exclusives like disgaea 3 or valkyria chronicles
4. the blu-ray... ya i don't really use it either
5. the fact that I can hook it up to my hard-drive and run movies over my tv with out having to buy any annoying extra cables or anything
6. the front end which is a lot cleaner and less filled with adds for new dlc
7. the lack of red rings, and the fact that nudging the console while it's running won't destroy your games
I have both consoles and all my 360 does is gather dust while I get constant use out of my wii and ps3, over all I have to say that at the moment the ps3 is my favorite console and that the price is perfectly fine.