For now, sure. But effectively the relevant PS2 releases ended a few months ago, and from now on all of the big, modern releases are on the newer platforms.
However, I will suggest to everyone considering on buying a 360: Wait about a month. Microsoft has recently put into an effect a hardware revision that shrunk the size of the processor chips in order to reduce power consumption and heat, and the heat problem is what's causing the dreaded Red Ring of Death. However, they are just shipping them off to retailers now (or they just started recently), so the old models have to sell out of stock before they're replaced. Halo 3 is moving a bunch of 360s because for better or for worse people love them some Halo, so if you wait a few weeks for that hype to die down and pick up a 360 at the end of this month or early November, you should be able to snag one of the newer, more reliable models but still be able to actually find one since it'll be a couple of weeks before the holiday shopping madness starts.
That's just my protip for all the consumers out there.
