The red one hurts my eyes, but the blue PSP is great. Personally, I'd spend a few bucks on a skin in favour of spending 150 on a new PS2 to replace my current one.
Examples of skins: http://www.skinit.com/skins/
PSN name: Gazz1979 (feel free to add me, but please put your Vgchartz name in the message!)
Battlefield 2: Gazz1979