Ditto above comments. I can't tell you anything about the PS2 competition but as already said the time waiting for a good PS2 emulator is likely to be a very long wait and the PS2 could well be propping up the TV or a designer door stop.
Also you would need a very high spec PC to emulate it correctly with a good graphics card. It may only be 350Mhz but it's 350Mhx that is dedicated to graphics rather than sound and running programs in the background, also unless you bugger something up they don't crash either.
And it's portable to your mates houses, add some beer and crisps and it's gonna be a late night, not all gathered around a 15 inch screen.
Just a thought.
