The Xbox 360/PS3 era was easily the best time in videogame history. More new game franchises, more player engagement, Prime E3 presentations, Best videogame trailers, Peak console war fukkery, etc. I don't think we will ever see as good a time in gaming as those days.
That said, from a hardware perspective the PS3 was overpriced and hard to develop for. It was missing several promised features like multiple HDMI outputs, 4 front USB ports, etc. The PS3 killed off backwards compatibility too. Its saving grace was that it was the cheapest full functioning Blu-ray player for a few years. Many people don't remember, but the first generation of Blu-ray players were missing features (BD-Live), with many not able to be and weren't upgradeable. So the PS3 was the only safe purchase.