They should make a mech warrior game for PS3.
They're making a reboot of the series on the PC and 360, but there aren't any plans for a PS3 release. They've stumbled into some legal trouble too with some of the Battletech 'mechs so you probably won't see it until Q3 2010.
First I gotta recommend Uncharted. It should only be about $30 these days and it's a fantastic adventure/3rd person shooter game with excellent voice-work and a solid 'Indiana Jones' inspired story line. The sequel was released a short time ago but I absolutely recommend getting this first. If you're disappointed,
I'll cover the cost of your purchase mate
For racing goodness you've got plenty of choice too.
Off-road arcade = Motorstorm Pacific Rift
On-road arcade = Burnour Paradise
over-track simulation = Wipeout HD
on-track simulation = Gran Turismo 5 Prologue (the full version is coming out sometime Q4 2010 ie: christmas, so you might want to hold off)
I've poured lots of time into all four of them and again, you shouldn't be disappointed whatever your decision. If I had to choose one, it'd be Motorstorm Pacific Rift. You never do get tired of smooshing motorcycle riders in monster trucks
Every one of those games, except GT I think, now has downloadable content too, so you're guaranteed to get more than you paid for.
I also hear Need For Speed Shift is pretty damn excellent too and not at all like the usual crap they've been churning out for years, a real reboot of the series.
For 1st person shooters I'm going to echo the sentiments of Ormsby and give Modern Warfare the nod. 2 years after release and it's still selling like hot cakes with one of the most active online communities.
That scene (you know what I'm talking about) is worth the price of admission on its own. The sequel is coming out in a months time so you might want to wait until then to either get the sequel or pick up a used copy of MW1 at a rock-bottom price.
Plenty more great choices out there. Infamous, Prototype, Metal Gear Solid 4, Dead Space, Fallout 3, Guitar Hero/Rock Band, Batman: Arkham Asylum... And they're only the top tier games, there's heaps of others I'd recommend that aren't quite as polished, but still a blast to sit down with.
That should keep you busy