Remember that the PS3 uses industry-standard hard drives. If you get one with the right specs and install it (goodbye warranty, though) you can have a 500 GB PlayStation.
EDIT: Looks like currently the NTSC 60GB version of the PS3 has the most features, including the Emotion Engine (PS2 CPU for backwards compatibility) and emulation of the PS1. The 80GB version has some little feature losses and dropped the Emotion Engine for emulation of the PS2, meaning that compatibility with older games decreased quite a bit from what I've read.