develop it today, and I mean TODAY!!! The PS3 is released later this morning...
Develop it, and market your tail off to get traffic and build a community (offer entry into a draw for prizes for signup, etc.). It's a good name (not the best, but good enough) that, if launched very soon, can grab a large chunk of the ps3 gaming community.
If you can build a decent-sized community, you will sell for mid to upper $xx,xxx. If you develop the site, but fail to build a community, you will sell for low to mid $xxx... and if you fail to develop the site, and try to sell it as a domain name only... maybe you'll double your reg fee.
So... in my opinion, there's potential, but you've got to act quickly and work hard. Otherwise it's going to be a waste of your time.
Hope that helps,
Pavel