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No access to 3D accelerator for now The only thing preventing it is supervisor, and in time Sony could be pursuaded to give up on that.
However, I don't see why would PS3 be a "crap general purpose computer". This first distros poping out are "just" using PPC in Playstation 3, and it IS a 3.2 GHz PPC. Yes, it has just cca 200Mb of main memory, but it is ultrafast XDR memory. From what I've seen, Fedora5 runs pretty nicely on it (considering all of the graphichs is unaccelerated and going through framebuffer). Big plus is that every PS3 has HDD inside.
I kind of miss your point about PS3 being "crap cluster node". It should actually be a GREAT cluster node. Cell is actually made from scratch for that. Terrasoft is building supercomputer based on Cell chips as we speak.
Now, keep in mind that no Linux distro for now is actually tuned to Cell processor, and software isn't even touching SPE's. There should be 6 SPE's avaiable for guest OSes on PS3, and some really crazy stuff could be done with them, like making Mesa using 3-4 (or all 6) of them. See for example how raycasting is being done realtime using just Cell CPU.
The mere fact that PS3 HAS Linux from the first launch day gives hope that we will see some great stuff done with Linux and PS3.