While the PS3 offeres a lot for the money, it doesn't necessarily offer a good value to John Q Consumer. Please bear in mind, the majority of households don't own a high def TV. Most households don't own SACD's. Most households are not interested in the streaming capabilities of a PS3. That is why Nintendo hit a home run with the Wii. It offers a new experience that the public is interested in, and they only need have a traditional TV to take advantage of it.
Of those people who have bought a High def TV, most of them are not looking to get all they can out of it. DVD's look immensly better on a high def TV then they ever did on a traditional TV. Further, they are more than satisfied with compressed HDTV feeds. Better yet, look at all the people who have bought an HDTV only to have it hooked up wrong and are not receiving a true high def signal.
I have to tell you, I'm not even all that interested in blu ray for the picture quaility. DVD's look fantastic upconverted on my high def display. What I am interested in is the new uncompressed sound formats that Blu Ray and HD-DVD offer. But how many people are even interested in sound. It's a very small percentage of the public. I tend to think that the sound is more important than the video. It's what creates an immersive experience. However most people only care about video. All you have to do is look at how many people have a high def TV and only use the TV speakers.
We have to remember here, that by viritue of posting on this board, we fall in the minority. Most consumers are not like us, and as such, the PS3 does not offer all that much value to most people.