For anyone who played Buzz on the PS2 this is the next step up. On the PS3 the graphics are superb (on a fairly large TV) and it makes you feel even more part of the game show. You are not going to get photo realistic graphics, but the cartoons and animations are well tuned.
The game itself, coupled with the new wireless buzzers, is excellent. The questions still challenge (although at times are a bit simple) and there is a real feeling of wanting to beat the opposition in to the ground. Also you can make your own quizzes so there are a huge number online. This has helped me to play against my kids as they are far better at some subjects (2010 charts for example!) than me.
Online play is tremendous, and this is where the games comes into its own. I haven't tried to compete against friends but I have played a game against 8 strangers. This makes it even more thrilling and random as you never know who you are up against. I think you can use your bluetooth headset to chat but I haven't done this - I could just imagine the abuse you could get if you are winning!
The one drawback is related to the online play. Either there are few people to challenge (I recommend pub closing time to find more people logging in) or the servers are either not working or, even worse, you are in the middle of a game and they freeze. Very annoying.
Overall, a terrific game and well worth a shade over £. For family get togethers there is nothing better, and now you can add 8 wireless controllers if you have the living room space and budget.