"If I have to spend 2 hundred bucks, why not just buy a PS2???"

Because the PS2 is old and slow. I have both a PS2 and a GameCube and the GC is better designed and better looking.

Also, the PS2 hardware and software (games) is not upgradeable. When given the choice of a game on the PS2 or the same game on the PC I ALWAYS get the PC version. The games are patchable and expandable, the hardware can be upgraded incrementally and performance is much better (even on 2 year-old equipment). Can you play PS2 at 1600x1200 with 4x4 full-scene anti-aliasing?

The only thing the PS2 is good for is sitting in the living room playing games while sitting together on the couch (or keeping kids mesmerized in the livingroom while you're off doing other stuff).