Whether it's worth it or not depends on YOU.
For me, it went like this:
- $200 for a 160GB model + 2 games -- That's a start.
- Blu-ray player -- Haven't used it for this purpose yet, but I do have a backlog of blu-rays from sales (i.e. anime, movies)
- Dark Souls -- was fun until SL120 PvP got boring; made a twink afterwards for 1v3's, and that got boring too!
- Bigger playerbase for SF4 (360 has more, but I'm not going to pay for a subscription that I'm not going to make full use out of) -- lag + realizing that the game wasn't 3S (<3 parries, <3 jumping in) = shot down rather quick.
^ Initial reasons for my purchase.
Nowadays, it's more like playing fighters (e.g. KOF XIII, SC5, 3SOE) and a few other non-PC games, like FFXIII-2 (which I'll be sniping pretty shortly, thanks to an upcoming deal from a major store + coupon ^^).
Worthy investment for $200? For me: easily, even after the fact that I've already played a decent amount of PS3 games before my purchase (e.g. MGS4, DMC4 -- had to get my own PS3 since my bro still wants his).
"If you ain't first you're last."