Every ps3 console plays PlayStation1 games, only the 80 gig uses "emulation" for playstation2, which apparently means that since it's not its hardware running it, the software is a little iffy, some games aren't supported yet and some have minor glitches.

The 60 gig model is the best version, but don't fret, if you look around you might be able to find a refurbished one for a decent prices. Gamestop had them a while back, but they do have refurbished 20 gig models, which isn't bad since you can erase and reinstall game data if you need, or replace the hard drive like others mentioned.


Gamestop