There's the trade-off of time and money - for me, too much tinkering with an emulator takes away from the main point of having fun and relaxing with the game. And also this:
http://wiki.pcsx2.net/index.php/PCSX2
"Obtaining PS2 games can be as easy as buying PS2 DVDs off eBay. However, an original game DVD is not enough to make PCSX2 work. You'll also need the BIOS dumped from your PS2. The PS2 BIOS is copyrighted by Sony so getting it from anywhere but your own PS2 is illegal. You will have to own an actual PS2 console to dump the BIOS from before you can start playing PS2 games on the emulator. There is no region locking so if you have a PAL BIOS on your PS2 you can still play NTSC games, and vice versa.
The dumping of BIOS is a complicated process..."
And if I strictly need a PS2 just to emulate a PS2, I might as well buy the PS2.
Also, I saw this about the Xbox:
http://www.anandtech.com/show/853/10
"The Xbox features a Conexant video encoder chip that supports the following TV output resolutions: 480i, 480p, 720p and 1080i. However the input of that chip is governed to a maximum (according to Conexant's tech-docs) of 1024 x 768. Note that the input resolution and the resolution outputted to your TV don't have to be the same, but if they are not the same you're just going to be scaling or shrinking the image and won't get any additional quality out of it.
All currently shipping Xbox games, as far as we know, are rendered internally at 640 x 480 and then sent to the Conexant chip which either interlaces the frames for output to a regular 480i or HD 1080i display or leaves the full resolution lines intact for every frame when being sent to a 480p or 720p output. This means that even for HDTV owners, 480p is the best you're going to get for now. Because of the sheer memory bandwidth requirements, 1080i doesn't make much sense for game developers. At 1920 x 1080 there are 153,600 more pixels (8% more) to be rendered than at 1600 x 1200 and we already know how memory bandwidth intensive 1600 x 1200 can be. Considering that the Xbox only has 6.4GB/s of memory bandwidth to work with, only in games with relatively small textures and low detail can we expect 1080i to be a reality. The much more desirable option is 720p."
Which means to me, in short, that the HD potentiality is exaggerated, and thus might not be enough to compete with PS2's backwards compatibility with PS1 titles.
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