Not worth it, IMO. The hardware has such a high failure rate (1) that possibly all launch models (that aren't still new in packaging) are going to be obsolete in just a few more years. If I had a launch model, I'd sell it now and invest in a Slim or Super Slim, simply so I could get more life out of my console.

The backward compatibility really isn't enough incentive for me. Used PS2s should be no more than $30 USD, and they're a lot easier to hack so you can run imports. For some inane reason, backward-compatible PS3s still enforce region protection, even though actual PS3 games don't.