Should I wait for the price of the PlayStation 3 to drop, or buy it right away?

Wait.
First off, I don't want to get shot/mugged/sodomized on my way out of the store.
Second, the first production run generally has more bugs and is more likely to be recalled. Give 'em a little time to tweak the firmware and get the kinks out of the assembly line.
Third, I can't afford the $600 right now.
Fourth, where are the cool games? I see nothing I want yet. For instance, GT5 isn't out until '08.

Well it might take a while to drop. It's also hard to find PS3's in stores right now. So I would just wait until more comes in stock and prices are lower.

I'm waiting. A blue ray player sounds impressive, but within a few years you can buy them for $50,- or less. Also, there aren't much High Def DVD's available, and nobody knows what the standard is going to be, HD-DVD or Blu Ray.
Is there a PS3-game on the market you want to play right now? If there isn't, why hurry?
I only play Mafia on my PS2, but don't like the loading times in between; I'll try out a PS3 for this, and if it doesn't improve the gameplay, I won't buy it.

Well If you have a substantial amount of money I would say that you should get it but if not definately wait because $600 is quite expensive. Besides they are only making 400,000 copies for launch in the US. So yes, wait.

Wait for it to drop.
Because of several positive reasons:
(1) It will get cheaper
(2) More games will be released (there are only very few games right now)

Definately wait...
It's the hot thing right now and the prices sky rocket but if u wait like a month or 2, it's going to be the same syatem but alot more cheaper, as they say patience is a virtue

Wait a little bit and save alot =]

I would say yes, as it would help in terms of issues that are needed to be dealt with, and it would be better to wait for the 'slim' PS3, as it would make portability easy.

if i were you id wait for the price to drop but the only thing is you may find that by the time the price has dropped there is still a shoratge of PS3's.

I think everyone should wait. As long as we run right out and get them immediately, the price will continue to skyrocket. I am just as much at fault as anyone else. I mean, $500? What will the Playstation 4 cost when it comes out in a couple of years, $7-800? The prices will never stop rising until we can be patient and wait for the prices to drop before getting the systems.
And, Jervinator is right. We need to give them time to work the bugs out.

I would buy it right away.