Is it stupid to buy a 40 GB PlayStation 3 out now?

Would you buy the 40GB, if you were using it for just Blu-ray and games? I know there is a 120 GB version coming soon - probably with MGS, but when? I also think it would be $499 at least, not $399. I also could care less about the "rumble" feature, and I doubt they will ever have PS2 compatibility in further models. Am I wrong? I have been a XBOX 360 guy, but got screwed on the whole HD DVD thing. Should I suck it up an d wait, or would the 40 GB be fine for my needs?