nah, most of the time it works okay but have been spoilt with version 7 and m2 1.30. That works just like a standard ps2 but version 9, u need to switch on by hitting eject then close tray by hitting reset. This works 95% of the time but every so often it sulks.
Also the time difference between putting into ps1 mode and sputting chip into sleep mode ( holding eject longer) seems to have been reduced so its a bit hit n miss whether u get one mode or the other.
Havin said that, still looks better in my front room than a black ps2
Regards