I think Sony made a mistake keeping their prices high, even if they would be taking losses. Every PS3 sold increases the base for both PS3 games and Blu-Ray, which they have high stake in. Microsoft basically bought their market share this way with the first Xbox - it brought a good DVD player into the home, played video games, but they were losing hundreds per unit.
As far as waiting for a drop in price, that hasn't ever affected me as much. I normally find that the marginal benefit of buying something when I first want it is high enough that it isn't worth waiting on speculative drops in price.
That said, I first bought a x360. I think it had and still has the best games of the three, and it replaced my older DVD player. The ability to stream netflix is nice, and I've used it for a while, but I prefer the quality of physical media over the convenience of "on-demand" - I like blockbuster's service as I have no problem driving 1 mile to get a new movie. Eventually I bought a blu-ray player. The PS3 is normally ranked one of the best, but it doesn't have some features like 7.1 analog outputs. The lack of wifi on my blu-ray or x360 never bothered me, since I use a cheap dd-wrt modded router anyway. Recently I just bought a Wii for the casual gaming and Mario/Zelda titles. Other than the Metal Gear Solid and Gran Turismo games, the PS3 doesn't have much that I'm missing out on