Long live the PS2. That system is gonna be right up there with the original NES in terms of longevity. Remember, the NES came out in '85, and was stick in heavy use until about 1993 or so. Even with the Sega Genesis and the SNES, people were still buying games for the NES because the developers had mastered the art of making games for that system (NES), which is exactly why the PS2 is still strong.
I'd wait for the second generation of PS3s to come out. I never buy anything when its first introduced, since even though they're supposed to have gone through rigorous testing. They still don't have all the bugs worked out. Not to mention, that if I want action right now, I'm damn sure not going to spend the $500 to snag a PS3 to play PS2 games. They spent all that money trying to edge out the XBox in hardware and only did so by a slight margin and are charging a grip more, considering what you actually get. I'm guessing they didn't learn from Neo Geo.