Certainly dooable.
Out of all the consoles, I would expect the PS3 to be the long-term favorite. The Wii is rapidly losing face, as more and more people discover it's nothing short of a fad. The 360 is stuck with last-gen features, and a very niche gaming lineup of mostly FPS genre games.
The PS3 has the features, it has the relaibility, it now has the games, and the games it has are of high quality, and very wide ranging from things like the PSN puzzlers like ELefunk, to Singstar, to Arcade shooters like SuperStardust, to the traditional gamer titles like Uncharted and MGS4. Given that it's also the best price Blu-ray player, and also has the best media capabilities, the £50 price difference is neither here nor there...