Its kinda expensive, dude. Ok, the PS2 costs, what, $200? Then the linux kit is.. $200. Then, the PS2 network kit is... $30-40 bucks? So you are spending around $450+ for a 233 mhz computer...
Now, the upside to having it is that it does come with a 40gb HD and a monitor cable to finnaly connect your PS2 to a computer monitor.
Xbox linux is pretty cool. Lets see... Xbox: $200... Mod chip: $20... USB keyboard+Mouse: $30
My neighbor has a slightly broken xbox running Mandrake on it.