I've had my PS3 for nearly a year and a half. The BR drive broke once, and I think it was due to the terrible Fallout 3 PS3 port than an actual issue. Had to ship it off to Sony for all of a week and it was back, working just fine.
In terms of hardware failure, the 360 definitely has a worse track record (although they are better/getting better).
The only real way to determine if the PS3 is worth the money is pretty simple.
-Do you own any other consoles?
-If yes, are there any PS3-exclusive games you absolutely cannot live without.
-If no, are there enough console games (exclusive and not) you want for the PS3?
I'd argue the PS3 is here for the long haul. It may not have a lot of support right now, but Sony can easily keep the PS3 rolling while Microsoft/Nintendo are going to need another console to catch up with some of its capabilities in the future. I've been playing it an awful lot and it is a perfectly decent console to pick up.