it is the best cheap blu ray player though is it not?
firmware updates to the ps3 ensure it is always compatible with newer standards, etc.
tbh though i havent looked into blu ray players much, but it also has wi-fi built in, a gaming console built in, can be used to stream media as well as store photos (turn them into slideshows too) and home videos, etc.
the ps3 basically does a hell of a lot and with the ps4 coming out in a few months, the second hand market will be flooded with them making them extremely cheap to buy.
if your really worried about them dying, sony's product quality is second to none in the console market, they can also be repaired at home for cheap by people with no knowledge due to the countless youtube videos of people repairing them.
my mate who couldnt even tell you what a ram module looks like managed to change the laser on his ps3 because of a youtube video i told him to watch.