I made the financial effort to refurbish the "fat" PS3 when it died, even though I'd already bought a Slim, just to keep that system around to learn Cell programming. It's still running the old firmware and, in fact, boots directly into Yellow Dog Linux by default.
Yet, I agree, it feels kind of pointless nowadays, with the GPUs becoming so much better all the time. Just recently the GTX 260 broke the $200 floor at newegg.com and I'll probably buy one pretty soon (maybe when they are around $150) - and those things are pretty powerful. The real motivator is actually to play Tomb Raider Underworld :-) but I'm pretty sure I'll at least try and do some CUDA with it.
So, doing an open source project on the Cell doesn't seem so attractive nowadays. Maybe just for bragging?
I've also heard rumors that there's a successor to the Cell in the works. I'm not sure how it will compare with the GPUs though.
I think the concern is that the firmware update cut off HPC capabilities from consumers who sought to use it as both a game device and an HPC device.