The PS2 disc read error thing is really annoying, but also easy to fix by yourself most of the time. there's a bunch of how-to guides on the internet that are pretty well explained. the machine should be made to work fine for years, but at least it's an easy fix (takes about 30 minutes max). It doesn't stay fixed permanently though. I've had to open up my launch unit 3 times over the years.
My Top 5:
Shadow of the Colossus, Metal Gear Solid 3, Shenmue, Skies of Arcadia, Chrono Trigger
My 2 nex-gen systems: PS3 
and Wii 
Prediction Aug '08: We see the PSP2 released fall '09. Graphically, it's basically the same as the current system. UMD drive ditched and replaced by 4-8gb on board flash memory. Other upgrades: 2nd analog nub, touchscreen, blutooth, motion sensor. Design: Flip-style or slider. Size: Think Iphone. Cost: $199. Will be profitable on day 1.
