Chaps, what ps2 games did you tried? have you tried out Gran Turismo 3 yet? the graphic will blow you away at a constant 60 frames per second!:D
PS2 is dedicated mainly for games so it required less Megahertz while PC is a multipurpose machine, so it required more hertz, more RAM to reduce time and stuff.
Some benchmark test took 2 years ago,
the ps2 was 300MHZ but it outperform twice the speed clock of a Pentium III 733 MHZ (or 1.466 MHZ) in term of GFLOPS (Giga floating points per second), polygon pushing, etc.
But for spreadsheet and doing window 98 thing, it was slower than a Pentium II 200MHZ...
It just that the artitecture of ps2 is "different" than any current console, the limited 4 MB of RAM was actually for streaming texture and storage. Developers aren\'t familiar with ps2 system, and there aren\'t any tools out there that push ps2 to the limit yet, give ps2 some years and you will be amazed by it graphic.