I am glad that someone is finally posting the accurate info. So many places are posting this as if you get the money off the PS3 and you don't.

Actually, you do...
It says that "Card credit will be applied to your Sony Card account 8-12 weeks after your first purchase of $299 or more"

If the ps3 is your "first purchase" on the card, then obviously it's a qualifying purchase. Granted it doesn't take it off right at the POS, but I like to think of it as a $150 rebate.
So, use your new Sony card to put that $500(closer to 550 after tax) purchase on, and with the great deal that chase is offering of 12 months no interest, just make little $15 monthly payments for 8-12 weeks, then voila! you now have a $150 credit applied towards your balance, thus making the ps3 only $350(before tax). At that point you can pay off the card and you just got one fantastic deal on a new ps3