While you could probably get along without WiFi in a home-based console that already has Ethernet, and you can always presumably hook up a memory card reader via one of the unit's four USB ports, the lack of HDMI output makes this pretty much a non-starter for anyone hoping to actually use the PS3's Blu-ray drive for anything more than playing games.
ENGADGET: $500 PS3 to lack HDMI, WiFi, card reader HD