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If you use the PS2 with the equipment in the box, you'll be fine - apart from the odd disc that won't play, but that's a common problem with all players.
If you buy a true RGB cable, your DVD's will play in shades of green only. This is due to a half-hearted attempt by Sony to comply with DVD copyright regulations.
There's detailed info on the Daily Radar site, in the PS2 section. Look for the "Everything's gone green!" article.