Regarding the video cable for the ps3, the cables from a ps2 will work.

Just for lols I actually use my cables from my ps1 sometimes, both the video cable and the power cable are the exact same for all 3 systems.

That's great. I thought I'll have to spend money for even more cables...And believe me, you don't know what's happening under my PS1 and PC tables. :|

Lol. The only new cable you might need to buy is an HDMI cable if you want to use the playstation 3 in hd. Other than that, your cables from any playstation system will work.

Yeah about the HDMI cable. Is it necessary? Im not really going to watch HD movies or anything(I prefer BDrips, BRrips etc). Or will it affect the graphics(gaming)?

If you are on an hdtv or hd monitor, most games will look fairly crappy without an hdmi cable. You can get those for pretty cheap online though.

Get an Xbox, that way you can play with me :3

Anyways Imo Ps3 is full of immature little kids and a bunch of japanese people. I've had both and to be honest I think that Xbox has a better selection of video games, I mean unless you're a die-hard God of War Fan.

I think it's a requirement to bump the games up to 720p quality.
Although I've played MGS4 on both a HD tv with HDMI cable and an old tv with AVI cable and couldn't tell much of a difference, other than the fact that the HD tv was widescreen. Also, as a side note I have an xbox360 too and Mass Effect 2 still looked great on an old tv.

Noting that you're going to jailbreak it (I HATE that word) I'll have to tell you that at the moment you'll not be able to play the most recent games on it, as the current jailbroken firmware is still 3.55/3.41 whilst official firmware is now up to 4.00. That means no Skyrim, MW3, Battlefield 3 etc.
(there is a way around it but i'm not taking a ban for it - Google is your friend.)

Also, I'd like to mention that the only real difference between the PS3 and Xbox360 is that you have to pay to use online play on the xbox, and the PS3 has blu-ray (which I have never used for BR movies.)
Controllers? Opinion. Games? Opinion. RedRingO'Death/YellowLightO'Death? Apparently fixed in newer consoles.

I'm on a old TV so I guess that HDMI cable is not necessary for me then.

Stellar, I don't really care about immature kids and japanese people...I'm not going to buy a mic or camera for ps3 anyway. All I want is to be able to play online.
Also, why do you think that Xbox has a better selection of games?

4zb41, Yeah I heard about YLOD, it's easy fixable so meh.
And wow...I didn't know that most of the new games wil not work on PS3.
Well I pm'd you. I am not supposed to share links of how to jailbreak PS here lol.

For the internet perspective:
XBox = Pay for it, but better.
PS3 = Free, save moneyz.
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Also, since you do have a TV that doesn't use HDMI, I suggest XBox since one of the PS3's bigger benefits is its graphics.
And besides that, basically depends on your choice of games.
From what I know, XBox has more FPS games and PS3 has more 3rd Person games.

Overall, get XBox because I have it.

I will probably go for PS3 just because one of it's exclusives is MGS.