actually, you have to be careful coz Sony has EOLed the PS2, so there will be no support/service from them if something happens unless its still under warranty. you dont want to sitting with a brick if it breaks down. the graphics are not comparable to PS3 too though it does support upto 1080p.
and the wired controller means you have limited options of seating arrangement.
on the flipside, the games are real cheap and has some blockbusters too.
the last i knew, a new PS2 was selling for ~6k. if its out of warranty, dont pay anything over 1.5k-2k.
btw, you too should consider getting a PS3, coz then both you and your friend will be able to buy games and share, so cost will be less. and 2nd hand games are avalable real cheap on ivgdotcom. plus with the next gen PS almost knocking on the door, prices of the current gen games are bound to go down unless PS4 has backwards compatibility.