They are touting this as a Home Intertrainment system, not just a game system.
Well, this goes beyond Blu-Ray, DVD, online, I'm sure linux boxes, and playing music (and numerous other hacks that will come out in months to come after it's release).
I've found an article that now adds scientific discovery to a use for your PS3.
The team behind the Folding@Home distributed computing client has reported that Sony has developed a version for the PlayStation 3.
For those not familiar with it, Folding@Home client uses distributed computing to help the project assist in understanding how proteins "fold," or self-assemble, to become amino acids or other compounds.
There is more information on the Folding@Home project at their webpage at Stanford. They also have a FAQ about the PS3 version.