It really depends what you're playing. PS2's aliasing is downright nightmarish in HDTV - on a normal tv it's nothing, but put it in hi res...let's just say 2-player Turismo 3 starts looking like a PSone game, even in 16:9. It's that bad.
Xbox, on the other hand, supports it quite nicely, and looks excellent. So, PS2 = Wega, Xbox = HDTV.
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