I did see the post with all the info on the PS3, but surfing through all that information still doesn't tell me very much, and most of the links are old and don't work, as far as I can tell.
I was wondering what a PS3, if I were to buy one this November, can actually do apart from play games. Is the online similar or different to Live? What kind of media capabilities does it have? Which version should I decide to get? I'm completely lost in the world of Playstation.
The online, depending on what you are doing, is both similar and different from Live. What few speed tests I have seen done seem to be a case of "your mileage may vary" depending on home setup, location, etc. I do see a lot of people complain about PSN being slow, but that is commonly in reference to things like firmware updates. The slow perception, as far as I can tell, is because the PS3 basically reloads the entire firmware with each update while the 360 just adds the relevant changes. As for gaming online, I see little difference, other than cost. The cross-game chat that the 360 has is not available on the PS3, so you can only chat within the game you are playing.
There are a few minor feature differences that may or may not matter to you in regard to PSN vs Live. I haven't found any that matter to me.
PS3 does have a web browser, although its functionality on certain sites is dependant on what version of Flash is being run on that site. Mainly I use it for playing Pandora right now.
As for media capabilities, it is a great media center. I have a 500GB external USB hard drive hooked up to my PS3 that I have moved a large number of my DVDs over to, including TV shows and movies. Pulling videos from the Internet can be tricky as very often people will convert using a codec not recognize by the PS3 but then package them into a container like AVI or MP4, when that isn't actually what they are. And sometimes they are just packed weird and don't want to work properly. I used to get around this by just converting everything via PS3 Video 9, but now use Dr. DivX. DivX will maintain the surround sound properly, and I haven't tested it, but I think it will convert subtitles too.
And the PS3 is an official DivX device now so you can register it with DivX and buy movies through them if you prefer it over the PSN Video store.
It will also read most digital audio and picture files.
The PS3 can also do media streaming from a computer shared on your network, although it seems that many have had issues with this and there may be a degree of how your system is setup as to how well it works.
And of course, Blu-Ray movies. The PS3 is also already prepared to play 3D movies, if that matters to you at all.
If you are buying a new one I suggest going ahead and getting the 120GB models as those are the cheapest new models on the market.
One huge advantage I find my PS3 has over my 360 is that I was able to switch out my PS3's hard drive with a third party 320GB drive.