The proper given name for the redesigned PlayStation 2. This new model is much smaller than the PS2, and even has a network adapter built in (saving you $40 at retail). It uses a flip-top lid instead of the old one, which is a tray that slides out.
To help reduce size of the new PStwo, it will not support the HDD, but it's still pretty damn small. But you like going to PS2 lan parties, you'd want this.
You still carrying that big hunk of crap? Sell that and get a PStwo.