Microsoft is far more likely to discontinue the Xbox. The rumors have been around for about a year and their track record with products outside of software, keyboards and mice is not good.
Get the PS2. When the PS3 comes out the older system and games will get cheap and you can still play your PS1 games on it. When PS3 comes out it's going to be around $299 for close to a year. I know why I didn't buy a PS2 when it first came out...it was $299! Living on the cutting edge of technology is spendy and IMHO it seldom delivers good value for your money.
99 Contour Sport SE MTX
KKM filter, B&M shifter
No res, BAT kit
Green car silver hood (because silver is faster)
| 
