Pros: Full blu-ray capability, firmware updates, smooth playback
Cons: No remote included, sometimes a bit slower than other players
3D, for example, has been supported more or less since it was introduced to blu-ray. Sony has been good about patching in features via firmware updates, and you can bet they will continue to do so as long as they support the system. Admittedly, I'm not a huge user of features like streaming and such, so I can't say how smooth they are, though I know they're supported.
Setup is a breeze. Simply plug in the PS3, connect it to your TV with the proper cord (an HDMI cable is not included with some systems, unfortunately, but you can buy one for cheap enough online), turn the system on and voila. The system will take you through setting it up with the proper time/date, internet connection, etc. Changing any of the settings is easy, too, through the XMB menus.
The biggest drawback for me is the controller. While able to perform everything it needs to do, it's not nearly as user-friendly as a real remote, and sometimes it can be hard to get the cursor to move where you want it to go (at least in a timely manner). Speaking of time, the loading times from menu to playback and between menus can sometimes be a little slower than other players, although use of different features such as Netflix, Amazon Instant Video, etc., can actually be faster on the PS3 (our blu-ray player in the living room has a bunch of bloatware that tends to slow down getting to and using the additional features).
Nowadays a PS3 is quite a bit more expensive than your basic blu-ray player, so it doesn't make a whole lot of sense to purchase one just for blu-ray playback. That said, if you are into gaming and don't yet own a PS3 but are wondering about its blu-ray capabilities, rest assured that they are up to par with other players on the market. Highly recommended!