Yes, the PS3 is worth it. Sony has some surprises coming up which will only make the PS3 even better than it already is. From my experience at GDC, I was very impressed with the funky 80's super wand..er I mean Playstation Move.
Honestly, why would you go for a masters in Game Design? It is completely unnecessary. You should be spending time writing GDDs, having some basic environment art and level designs in a portfolio.