Yes, and for that reason (even though I dislike Sony like I dislike any big company), I like the PlayStation layout quite a lot: it is original and elegant. Just copying it is probably not an option though.The reason why Sony had a great idea with the PS1 pad is that they used very simple, UNIVERSAL symbols. A round is a round in every culture, a cross is a cross in every culture, and so on. These are geometric standards. Greek letters are not universal. Elements and elements representations are not universal.
While it's true that many people do not know the Greek alphabet, I think the Greek letters Π Ω Δ χ are not problematic because they are so much like those universal geometric symbols -- the only difference being that Π Ω are not a square and a circle but an "open square" and an "open circle", with the opening at the bottom. Using Π Ω Δ χ basically gives us the PlayStation layout without risking a lawsuit, and the Greek theme fits well with the device name.
Also the 4 elements are pretty universal in all cultures: through the Greek they are known all over Europe (Aristotle was quite influential in medieval Europe), and the Egyptians, Chinese, Japanese, Hindus and Buddhists also have them. Earth-Water-Air-Fire correspond to the four states of matter (solid-liquid-gas-plasma) which is something universal enough for me. In terms of cultural universality, the 4 elements are arguably more universal than the Latin alphabet.