Undoubtedly, I am in support of playstation 2, but reading a news article a few days ago in the Los Angeles Times, software developers such as SquareSoft as well as all of the other leading game creators are worried about the outcome of this PSX craze. In the article, it mentions that as of today, since the psx2 was release in March in Japan, there has not yet been one outstanding "big name" video game made for the machine, and there hasn't been much support from third party developers, due to the fact that Sony's technology in the PSX2 is a little bit advanced, and the price tag of $70/per game is a little hefty for us to pay. And many others mentioned that the only reason why they pre ordered the PSX2 was solely for the advantage of having a DVD Player under $300 since when they started selling preorders of PSX2s, DVD players then were just breaking the $300 barrier.
Personally I don't mind waiting until March to get it, by then there would be enough titles to determine which system will be better, and more coverage of the XBox and Nintendo's and Sega's machines will be around.
On a side note, I read this somewhere but I forgot exactly where, but some people have even thought about renting the machine from Blockbuster Video (which requires a $300 deposit), and not returning it. That's a pretty HOT deal to me if you don't mind not having the box and just the system.. like OEM packaged.