Luxuries they are. How does temporary punishment of no usage of luxury items going to back your teachings to respect rules and regulations? After the fact, he did break them, right?
OK, umm, so what exactly are you advocating? Are you saying that there is no point in punishing the child by taking away privileges?
Frankly its the PRINCIPLE, not so much the item per se, that serves as a buttress for the punishment. Plain talk: Its not about the PS3, its about the attitude towards rules and regulations. If the child cannot obey them, then the child will suffer consequences.
Children cannot understand such abstract ideas as "obedience" and "consequences" without there being a tangible, physical manifestation of those abstract ideas.