Had the Xbox for 2 years and loved it. Just got the PS2 for the kids for Xmas and already I am dissapointed. Sure it has way more games than Xbox, but the quality of the graphics is pretty poor in comparison. We have a flat-screen 32" TV that the PS2 is on and a regular 27" CRT that the Xbox is on (was previously on the 32"). The Xbox graphics on the CRT manhandle the PS2 graphics even on the flat-screen. Not what I expected at all.
Also, you have to have a memory card to even save game characters on the PS2 whereas you can save everything on the Xbox right out of the box.
Of course, online gaming for the PS2 is FREE while I pay $10.00 a month (CAD) for the pleasure of having my ass kicked by some cheat-wielding, snot-nosed jackass on the Xbox.
I must say that I am basing this on the experience of only a few games (SOCOM, Metal Gear Solid 3, and WWF something-or-other), so I may have a slightly jaded view. However, I wasn't sure what to get before I got the Xbox, but went with the Xbox for what seemed to be a superior system. This was despite the fact that, at the time, GT was my favourite game of all time. I got the PS2 for the kids so that I could get GT4 when it comes out. Now that I have both systems, I am glad that I went with the Xbox initially rather than the other way around. Perhaps I was spoiled by the Xbox so that my expectation were higher, but I wouldn't really put the PS2 much higher than my kid's old Nintendo 64. This, of course, is only my opinion.
R