Bioshock is a step forward in terms of storytelling, cinematic direction and artistic creativity for all of the gaming world.
It was a huge leap backwards for gameplay when compared to its predecessor, System Shock 2 however. I enjoyed the first segments of the game purely because of its fantastic production values, however once the scene had been set and the characters introduced the gaping flaws in the gameplay began to emerge. By about 3/4 of the way through the game i was able to beat a big-daddy to death with a wrench (in normal difficulty), due to the complete lack of challenge i gave up, never bothered to complete it.
So yeah, i won't be buying it for the PS3.