Vinnies, your on the right track. I suggest you get it soon becuase it is in high demand. I found one for about $20 cheaper than what you found.
http://www.meritline.com/sondru5dualr.html
I think this one is already on preorder again, but try giving them a call.
If your ps2 reads DVD+RW then you will notice that it makes a lot less noise when reading. I and considering converting to DVD+RW for all my backups.
Tyler!