Some people will say that having a choice is a beautiful thing. I won't deny the truth behind that statement, as life would be pretty bland without choices. However, sometimes there are so many choices that one has no idea which one to choose. Take game consoles, between the Xbox 360 and the PlayStation 3, there are nearly a dozen choices. If you're looking at a PS3, here's a good Venn diagram that should help you in your decision.
As you can see, there are currently 4 different models that can be found on (some) store shelves here in the US. It's really sad when you see a diagram like this and realize just how many differences there are between the four models.
Sony has at least discontinued two of their models, though I imagine plenty of people will miss the ability to have full backwards compatibility with PlayStation 2 games. You have to give credit to Nintendo, I believe they've only added a single new SKU, and that was just to add the new Wiimote sleeve.
Diagram: Comparing The PlayStation 3 Models [via wired]