The SwapMagic page says that you will be able to play PS1 import games too!
Is that wrong?

Well, it´s some time when I used SM, but in that time, it was not possible, only PS2 games.

Even on oficial page, it´s said onlz once, in FAQ section, it´s nothing about it. So, I really doubt, that is possible.

Anyway, I think, that mod-chip is much better solution. Yes, it void warranty, but if you out of it anyway... And even if you has still warranty, PS2 is pretty cheap nowadays.

depends on the country.

In aus, it's not illegal to own a modchip, but to distribute, sell, rent, own pirated games (i.e games you don't own a retail copy of) is illegal.

I've never heard of swapmagic, so I would say go modchip.

Now days, also, you do not have to mod your PS2 with a chip, I saw this thing online that you can put into your memory card slot and it acts as a mod. Just thought I would add that in. Pretty sure that's legal as well.

That sound´s awesome :)
Do you know where to get it and if its expensive?