Personally, I don't see what all the fuss is about for the backwards compatibility. I have the 60GB PlayStation3 and I've used it a few times to play PS2 games, but it's pretty pointless. I mean, if you want the backwards compatibility for a large PS2 library you already have -- I would assume you already own a PlayStation2. Why not use that and put the wear and tear on that machine instead of the new one? PS3 upscales, but it's not anywhere near that great. PS1/2 games still look like complete crap on my HDTV. The only thing that I really see as an advantage is the memory card system on the hard drive which allows you to have tons of saves.
On the other hand, if you feel like you have a lot of catching up to do with the PS2, just buy a PS2 instead. They're $99 and if you've got that much to catch up on, it will surely hold you over for a while until you can get a PS3.
PS2 had backwards compatibility, and that was cool for those five or six times I actually popped a PSone game in there just to see if it would work, but who cares? I have an original PlayStation and I just use that whenever I want to play a PSone game. This has turned out pretty much the same way.
Now I understand that some people might have had a PSone/PS2 break on them and want the backwards compatibility for that. Yet, I still don't believe that's a very solid complaint. Just buy a used console and play the games on that. Adding the feature just drives cost up even more than need be, and when you're already paying a premium for the bluray drive, processor, and other internals why push for more features to drive the price up.
The same people who -----, whine and cry about the price, complain that features were removed from the console to save money. Makes me laugh.