Inferior
 

is playstation 2 an inferior system to the xbox and gamecube?

No

Powerwise, yes it is. Both Cube and BOX have superior processors and wha tnot.

In terms of games, no way! The PS2 rules here.

Maybe ina few years, but for now, it's the dominant one

Tell us what you mean by "inferior" :)

Thunderball and Gallant Pig are on the right track here.
Without us knowing what you consider to be "inferior" aspects, there is no way for us to answer your question.

If you're in the market to purchase a videogame console, don't make the mistake of purchasing on "hype" or "specs". Do a brief research on the availability of games for each console. Also consider the future releases of games for each console. It makes perfect sense that you should buy the one that has the games you enjoy playing.
I say this only because I fail to see the relevance in your post other than you're thinking about buying a PS2 or Gamecube or Xbox. If so, you've come to the right place. ;)
Most other forums I've perused are downright immature and filled with extremely irrational feedback.

Heh, just read in this thread (<font color=blue>here</font> ) where you said you have a PS2. :)

Don't worry. You've got a huge library of games to last you for at least a couple more years. If I were you, invest in improving your home theater system. You can use it to enjoy videogames as well as movies.

I would say, if you have a DVD player, a 5.1 receiver, and two decent front speakers, but don't have the rest of the speakers, go bargain rate and get the center, rears and subwoofer (although $300 probably would be bottom of the barrel for those items).

If you don't have anything in terms of home theater, not even a DVD player, I'd just get an XBox or Gamecube and forget about those extremely cheap Home theater in a boxes for now.

Yes - PS2 is inferior to X-Box and Gamecube, but the library of games available for it (especially when you include all the PS1 titles) is enormous. The PS2 has plenty of life left in it and the graphics are too terribly inferior to the other systems. I'd be happy to own a PS2 - and I might once the price drops to 150 bucks. PS2 is only slightly better than the Dreamcast which is 50 bucks and the best bargain of all the consoles.