What I'll start out with first are the graphics. The PS2 came out in 2000 and for then these graphics are great! But you start to notice a few things. The first being that the graphics are incredibly blocky when compared to that of the XBOX or Gamecube. They're not as smooth. Not only that but the PS2 runs INCREDIBLY slow at times. Some games you'll see it loading for quite some time.
Second, the system isn't all its cracked up to be when taking care of it. I've already had my PS2 break on me twice! Apparently, Sony didn't tell people that putting it in the verticle stance could move your eye and damage your mother board. Leave it in the horizontal position it's much safer that way. Also, you have to take your system in to get cleaned...A LOT. After a while the console will stop reading blue-disc and PSOne games. After that, your DVD player kicks out (which also means DVD PS2 games won't be played) and you'll need to clean the lense. I haven't had to clean out my XBOX or GCN ONCE since I got them and they're going on to being three years old! It doesn't even take a year before I have to clean out my PS2 again.
Thrid problem, you have to go out and purchase a memory card! This wouldn't be such a problem if they weren't so damn expensive! All it's used for is for me to save the data of a game! Why do I need to pay more for the memory card than I do the controller?
This isn't really a problem but this console doesn't come with a game. I remember that when I purchased a PSX I got a demo disc showcasing its games. This doesn't include one. Not a problem but the overall cost will come out to be quite a bit when you've got to buy the console, a game, a memory card and second controller.
Also, the game only has two controller ports! Forcing you to buy a multitap. The good news, many games only support two players so its not a total loss and you won't HAVE to buy a multitap.
Also, just because it's backwards compatible with the PSOne doesn't mean your PSOne controllers will work flawlessly. Some games will actually require that you use a Dual Shock 2 controller instead (since the original PSX controller doesn't have Pressure sensative buttons). But your PS2 controller WILL work with your PSOne.
But the selection of games on the PS2 are great. Many games are worth the buy, really they are. There are also many genres to choose from. The casual RPGer will be quite at home here with his or her PS2. So the games are great and because its been out a year longer than the other two it has a larger selection of games.
The system also has nice backward compatibility. You can play just about any PSOne game on here. What are the chances that you'll have one of the sixteen games that don't work? And even they play on the PS2 with little to no problems.
However, the PS2's cons do hold it back quite a bit. The system is flawless as far as games go, several great games out there to choose from, but the system itself isn't all that special.
So the Good
+Backwards compatible with your PSOne (even the controllers)
+Good selection of games
+Hey, it's a DVD player, PSOne, CD player and PS2 all in one!
But the bad
-You'll still need to buy a Dual Shock 2 Controller since some games don't support the original Dual Shock 1.
-Putting the system in the vertical stance means the possibility of damaging your mother board AND moving the lense exists which means you may need to get it repaired if you put in this position. DON'T put it in the vertical stance unless you have a vertical stand.
-Only two controller ports
-System needs to be cleaned often
-LONG load times
-DVD's skip from time to time. Might as well use a regular DVD player
-Memory cards aren't all that cheap