I would get a PS1 but to be honest I'm only going to play the WipeOut games, and maybe Rapid Racer. Sadly, Speed Freaks appear to be incompatible. Many other games I enjoyed but couldn't be bothered to play again.

With the PS2 I could play Wipeout Pulse... but then I guess I need both a PS1 and PS2 memory cards.

OH wait.. and these games I've wanted to play forever on the emulator : Baldur Gate Dark Alliance and the EverQuest spinoff.