Personally, I just went through this last month and I don't regret anything. I'm a big fan of the Blu-Ray aspects and the Ps3 has some great exclusives out there. I think inFAMOUS is a clear contender for GOTY but that's just me. I know others feel differently.
I think optimally, if you're set up for it, buy it for the blu-ray player and snatch Uncharted, inFAMOUS, Killzone, Ratchet and Clank, and MLB 09 The Show for exclusives. All are very genuine and fun and should satisfy you. I really cannot wait for GOW3 and Uncharted 2 coming out later.
It's alot of money but if you got money to burn, you'll have a new Blu-Ray player and a kickass game machine. I say go for it.
I'm really excited for BlazBlue and have been a long-time fan of GG and other fighters but the low number of characters is sort of turning me off from it. Gotta hand it to the devs though, it sounds like a kickass online indeed.