Sony is going to deliver a much smaller PS2 that
weighs about two pounds or about less than half what the current model weighs.

Additionally, the new model, like the Microsoft XBOX will have an Ethernet port. So I guess finally PS2 will no longer be 1 step behind Microsoft in that feature-set. The Ethernet capability is huge, since it allows for fast online gaming with less latency/lag issues, and it allows for VoIP trash talking. So look for Sony to add VoIP capabilities to the new PS2.

NewsFactor Network - Hardware - Sony To Deliver Pint-Sized PS2

The new PS2 console, which weighs about two pounds -- or about less than half what the current model weighs -- will be sold at $149 per unit in North American markets and at 149 euros in Europe starting November 1st.