Bioshock doesn't have the most amazing gameplay, but it's atmosphere is unparalleled.
So why get it on PS3 at all? Well, the PC game is better in certain ways but is glitchy as hell. And with OS's moving on, it gets harder and harder for this game and it's step-brother (Bioshock 2) to work on modern day PC's without having to start altering code.
That said, if you happen to pick up the Ultimate Rapture edition you will get both games and all DLC on one disc.
Mixing guns will magic (plasmids) you make your way through an underwater, former utopia, in an attempt to escape with your sanity. Along the way you will meet friend and foe, and use your new found abilities to solve puzzles and battle against armoured foes racing at you from across the screen.
This game has one thing that will never be forgotten, and that is a twist that is unbeatable on a story telling level (possibly matched by it's sibling Bioshock Infinite), but it also gets one thing wrong.
Once the twist has been revealed, it just goes on for too damn long afterwards. Even in your run towards the final battle you will end up getting sidetracked into doing another hour or 2 of extra stuff that you have to do.
I am all for a good game length, but at a certain point you just get the feeling that Bioshock should have been a little shorter.
That said it is still an amazing game that anyone that appreciates a good story should play.
Highly recommended.
PS3 specifics, this game suffers from what many early Unreal Engine games on the PS3 suffered from, a massive install. 12gigs if you download from PSN and 5 or so gigs if you install from disk. Be warned.