I like my PS2, but if all you are getting one for is just to play one
game, and you have high expectations, I think you would be disappointed.
The graphics on the PS2 are very fuzzy and pixelated (and if you have a PAL
TV, you will get more flicker).
I have Gran Turismo 3 and Dirt to Daytona on my PS2, and also an
inexpensive Logitech FF wheel, and I do play some racing, but mostly the
graphics are so poor compared to the PC that it makes driving difficult.
You have to look very far down the road at small objects, like guard rails,
etc., to see what's up ahead. With the low resolution of the PS2 that means
it could look like a jagged mess (the same is true with the XBox).
Sometimes I have trouble telling if a turn is left or right- that's how bad
it can get. With a PC, you can see farther ahead.
I like playing Final Fantasy and other roleplaying games, boxing games,
fighting games on my PS2. The lower resolution doesn't affect those games
as much, since the objects are usually bigger and not moving around quite as
fast.
I have also hooked up the PS2 to an HDTV (I have one of those too, but I
usually don't have my PS2 hooked up to it), and it really doesn't help that
much. The framebuffer in the HDTV does reduce some of the jaggies in a few
games like Gran Turismo, but the resolution is still fairly low.