The PS3 offers to play Blu-ray DVD's. Would it be the same quality as buying a separate Blu-ray DVD player?

I was looking into buying a Blu-ray DVD player and found out that prices go for $600 and higher. During my research, I found out that the Sony Playstation 3 not only plays games but also serves as a Blu-ray DVD player. Obiously, I am leaning towards buying the PS3, since that will allow me to have a game console and a Blu-ray player at the same time, for around the same price?!!!. are there any drawbacks about using the PS3 as a blu-ray player? is the quality lower? if there isn't, why would anyone not make this same decision?!