Oh, wow! That really sucks! A few days after Guild Wars 2 came out, my desktop blew on me, though it was a store-bought HP PC that was 3 years old. Since then, I've been stuck using my work laptop for Guild Wars 2 and Final Fantasy XIV: ARR. Sadly, this laptop runs those games far better than the desktop ever did. I'm slowly saving up to eventually buy my own components and build my own computer. I won't buy anything, though, until I've saved up all the money and am ready to do it so I can make sure I have the newest stuff I can afford. So, I sympathize with you! I sincerely wish you good luck!
While it is obvious that PS3 graphics aren't going to be PC level, they are still really, really good for PS3. I've had no complaints about the graphics or the sound. Also obviously, the PS3 won't be able to display as many assets on screen at once (FATEs for example) as a PC, but this has been no problem for me. I honestly think you'll have a fine time on it. :) I play both the PC and the PS3 versions.
Primary World: Hyperion
Free Company: Jormungandr
Main Character: Fialas Dawnren: Level 60 BRD/AST/MNK/DoL, Level 16-50 On Everything Else