Redeem the console?
I have an original release PS3 - you know, the one that can actually do shit, before they started ripping everything out - and it kicks ass. Unlike the 360, it doesn't explode at every given opportunity, so my 60GB edition is still working fine. It needs no redeeming. Sure, the online service isn't as good as XBL, but you get what you pay for, and I rarely play online anyway. Other than that it's a totally bitchin' device that was overly slated at launch, mainly for being too expensive.
As for games, most of the big stuff gets released on PS3 *and* 360, so WTF are you on about? The main reason I don't own an Xbox has nothing to do with it being a poorly designed piece of shit - between my PS3 and my PC, I can get all the games I want, so what's the point?
Anyway, I'm off downstairs to fire the sucker up and play God of War 3. Only had chance to play the first area so far, but god DAMN, it's stunning.