XBOX Pros:
+4 Controller Ports
+No need for memory cards, but each controller still has 2 spaces for them anyways.
+The hardware overall is better.
+The XBOX Live package is only 60 bucks, comes with a headset, the setup stuff you need, and i think 6 months free. Or something. Also it is supposedly alot better than the PS2 online play.

XBOX Cons:
-The system is still sort of new, so there aren't as many good games for it.

PS2 Pros
+It can stand on it's side, which saves space if you keep it on a shelf or between your tv and entertainment center side.
+It has that bluish purple light (which was rated as the best feature by either Extended Play or some magazine i read, anyone remember it?)
+It has alot of good games for it. The Playstation was the same in comparison to the N64. PS has a sort of "We like to have cool games that kids 14-19 would wanna play." reputation. Because they have history with these companies, they do and will continue to have cool games. The Getaway for example.

PS2 Cons:
-Although PS2 games are capable of great graphics, it's limit is lower than the XBOX's.
-This could just be rumor, and I wouldn't worry about it, but I've heard that PS2's fans are low quality, and when they go out it overheats hellaeasily.
-Only 2 controller ports, even though there were 4 player games for the PS, they still only used 2. Yes, you can get a 1 to 4 port thing, but no one wants to do that.

Basically, I want them both. But I think the XBOX is a better system.