My PS2 from the first batch still works fine. Just played ICO again the other day.
That said, of friends/family who bought PS2 and Xbox, I count:
1 out of 4 xbox\'s went bad - he got rid of it.
and 1 out of 11 PS2s wents bad, but I opened it up and cleaned and tightened it all up for him, and it worked again.
Most people I know have PS2s, obviously. Both the \'bad\' ones went bad after about 1.5 years. The PS2 stopped reading any disks, and the Xbox \'burned\' out. It would turn on but the graphics were all funky and wierd. Cleaning it out revealed no obvious problems/burns.