My one big problem with the ps2 is that it's a bitch to program for efficiently with it's 16 instruction pipelines (which basically means only third or fourth generation games will utalize the true potential of the machine, quite similar as to what happened with the N64), the lack of hardware anti aliasing is also a big drawback imo.
Furthermore it is pretty inefficient with 2d graphics (do a comparison of capcom vs snk 2 on the dreamcast and on the ps2 to understand what I mean, and no, 2d graphics are not dead yet....).
Even sony admits that the ps2 can't compete with the gamecube/xbox on a purely hardware pov, which is why they have already (but not officialy AFAIK) announced the ps3.
I'll just stick to my dreamcast for now and wait a bit till the gamecube is available here, I'm not going to pay 479 euro for an xbox even if I wanted one (in comparison to the 249 euro which a gamecube will cost when it is available here)