I don't know what the status of the rumored PS2 price drop is. I know there are a few threads about it but I haven't checked on them recently. It is possible that if you hold out you can get a PS2 for $99. I recently bought a white PS2 w/ Singstar bundle for only $99 (Amazon Deal of the Day). Also Target just had a $99 PS2 in one of its recent sales ad.
I couldn't pass on that deal because I have a fairly large PS2 library already. (Also I wanted to have a PS2 for every TV in my house and one in every color.;))
The slim PS2 is a lot smaller than the PS3. The PS3 is definitely a monster. So if space is a problem for you that is a definite plus.
The PS2 already has a large library filled with great titles. This might be an opportunity for you to get a lot of great games for a cheap price. Also, the PS2 is not quite dead yet - there are still games coming out for it that might interest you. (You didn't give much info about your game tastes so I can't really make any recommendations.)
On the other hand, you already moved on to the next gen. If this is a sign that you are the kind of gamer who is really only interested in the most recent/cutting edge games, then you should probably just put your money towards another PS3 and make sure it is backwards capable so you can play the few PS2 games you already own.
If you are the type of gamer that likes to play good games and think you might be interested in exploring more of the PS2 library, then go ahead and get the PS2. If worst comes to worst you will just end up with an extra system in your house that you can connect to an extra TV. The slim PS2 takes up hardly any space at all so it won't be a big deal to have an extra one around.
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