version 5 and version 7 ps2's were said to be reliable and one of the better version's of the ps2. i can't specifically say all the things you can do with it b/c i don't know, but you can use a hard drive in it. you can get a network adaptor for it for online play (will need network adaptor when used with harddrive) hdloader can be used to play backup's off harddrive.
what modchip's to use are usually personal preference. try a search for it and you will get a lot of threads talking about the best modchip to use. any modchip that is compatible with v5 is fine.
whether it works good and is reliable also depends on if it is in good condition when you bought it, but overall it was a good version
That's right. Version 5 and 7 are the best for the older fat PS2. You can put the Matrix Infinity or DMS chip in it. Or like kcwell said, install a HDD. Since the older PS2 are not being made anymore, so are the network adapter. You can find one for anywhere between $60 - $80 on ebay, or else where. $50 if you're lucky. Well, good luck with finding one.
1. a network adaptor (ebay or some other sites)-they do not make network adaptor's new anymore
2. most IDE hard drives over 13 Gb will work-there is a site that shows whether you hd will work or not.
http://ps2drives.x-pec.com/?p=list
3. hd loader or a method to play your game off of the harddrive
this setup allows you to play backup's of your original games off of the hard drive. this extends the life of the laser b/c you are only using the laser to boot the game off of the harddrive. also, the network adaptor lets you play online.
1. a network adaptor (ebay or some other sites)-they do not make network adaptor's new anymore
2. most IDE hard drives over 13 Gb will work-there is a site that shows whether you hd will work or not.
http://ps2drives.x-pec.com/?p=list
3. hd loader or a method to play your game off of the harddrive
this setup allows you to play backup's of your original games off of the hard drive. this extends the life of the laser b/c you are only using the laser to boot the game off of the harddrive. also, the network adaptor lets you play online.
That's also right. But not all games stored on HDD can go online. Games like RE Outbreak, FF something (I forgot), etc. supports HDD.