PSO Episodes I & II is exactly the same as the Dreamcast version, but has a flawed Multiplayer and subscription fee?
PSO Episodes I & II does retain the character generation, and includes new skins for your characters, which is nice. They look as good as the older versions. You can also go straight into episode II, which is a welcome addition for those who only played Episode I.
The Online mode is missing things such as a Hardware Keyboard for the Gamecube, so chances are players will resort to Macros and Quick Chat, which takes interactivity out completely. Other than that the game retains everything else that Online mode mustered.
There is also a multiplayer mode thats local too. You can go doing specialized missions or just wander around leveling up and collecting items. This is fun for a while, but more often than not, the camera will frustrate you. Another main problem is the ideas for when a player dies. If there are no Moon Atomisers or anything to revive players, then all of you (when selected) will transport back to the Space station, even if only one person died. This is a shame, since hours of work could be undone by one kill.
My word is simply this. Played the Dreamcast version? Forget it. If you're new, its worth a look at, but try not to be too thrilled, since it won't thrill you. Its the same game as the Dreamcast version. Multiplayer will entice you and a few friends, but only for so long...