Several factors:
Price obviously
Casual appeal - GH3, Rock Band, karoake games sell a lot of PS2 these days
Wii - That's right the Wii is helping sell PS2s. How? Because now instead of making a game for a dying system, 3rd parties can make the same game for the PS2 and Wii and get two for the price of one (and a bit).
Massive library of cheap games
No b/c on PS3 - So if you got a PS3 and then your PS2 dies, you need a new PS2 to play your large library of favorite PS2 games.
Sony dropped the ball - The casual gamers made the PS2 the monster success it was but Sony ignored this audience with the PS3 aiming it squarely at the 360's core gamer audience. Now they'll have a hell of a time to convince that casual market to upgrade to a PS3 instead of a Wii - once the PS3 reaches sub-$300 levels that is. In the meantime, their only defense against the Wii remains the PS2.
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