I\'d say PS2, hands down.
Or up, really it doesn\'t matter where your hands are - I\'d still pick PS2.
If for no other reason than SSX and GTA3, PS2 is a great system. The controller is much better, too.
The one thing that doesn\'t matter so much to me is the backwards compatibility. A lot of those games, no matter how great, are years old and getting a cheapy is always disappointing.
Besides, the current PS2 lineup more than holds its own. About the farthest back I would go would be PS2 launch to pick up Dynasty Warriors. That was pretty awesome.
Heh, and as far as backwards compatibility goes, they should have put in a VHS option since the early consoles tend to crap out in the DVD department. ;]
-Eik