PS3 reminds me of N64 for the following reasons:
-Focus mostly goes to first/second party games, as the number of exclusive 3rd party games constantly shrinks
-More expensive media format that differs from the other consoles on the market at the time
-More powerful system than the competitors, but harder to program for
But there is one big difference between N64 and PS3 - price! N64 was comparable to the PSX on release, both were $200 come Christmas '96 (when myself and many other people made the leap into the PSX/N64/Saturn gen).