I thought Red Dead was pants, personally. It was very easy, and very boring. I didn't care one jot for the characters. The scenery was quite nice though and the presentation was pretty neat.
I'd be tempted to get a PS3 for the updated versions of Ico and Shadow of the Colossus, as I never played them on PS2 and feel I've missed out on something there.
I enjoyed Mass Effect 1 a hell of a lot. I played intentionally as an ass-kicking jerk, it was fun, but also a bit predictably black-and-white. I had to make sure I went out of me way to choose the bad option every time,otherwise if I'd have done what I truly wanted I'd probably have just ended up with a lame somewhere-in-the-middle character. There was one part though where I took the bad path, and felt a bit guilty about it - which I enjoyed actually, as it gave me pause for thought.