Was walking through town with my brother and that PS3 is definitely not selling out right now. It was still available in every store we checked. It's a really compelling machine. It looks great, has awesome media features, and while the games aren't quite there yet they're certainly coming. But 599 is a lot for a console and if you don't have an HD TV yet it's quite the investment to play a single game!
HDTV: 595 (a decent LG)
Cheap HDMI cable: 20
A Game: 65
Of course, you don't have to get it all at once. You can hook up to a standard definition TV. But do you really want that?