Well, the PS02 came yesterday

!
It's really cool. Except.. you really do need to get an extra smart media card with it, because the one that comes with it has NO memory left whatsoever. If I delete all the Demo songs however, it's supposed to have 3 minutes of recording time on it. Which isn't too good. But besides that,it's really cool. I wouldn't use it to create finished products. But as a "musical notebook": for recording and shaping ideas- it's a wonderful tool. I'd suggest it only if you need something portable. If not, then stick with your PC or what ever you're using now for this type of thing.
The drums are realistic sounding... except for the ride. What I don't like is that you can't create your own rhythms (which is mainly why I wouldn't use it to create a finishd product) But there are a lot of rhythms to chose from and variations on those too. So, as I said, it would be helpful in planning out a song. The bass track just adds the root of the chords (which you program in).
it's got a lot of effects, but most are types of reverb and/or distortion. But the ones they have are pretty sweet. Nice vocal effects and accoustic guitar effects as well. The built in mic is really good, but you can only use it with the vocal and accoustic guitar effects.
well, I think that's all I have to say about it for now.
If you have the money (350 USD) and really think you need it, then I'd say definitely get it.
-Mike
well, that's all I have to say for now.