Actually, this doesn't sound like a bad deal if you ask me. I mean, you are turning in your PS2 and getting a PS3 for $100 bucks less. If you were interested in a PS3, why not get it if you have a PS2 sitting around the house. It isn't like you are losing anything. The PS3 does play PS1 and PS2 games.

From the article:

EB/Gamestop is offering a hundred dollars credit towards any PS3 system with the trade in of your old PS2. Surprisingly, unlike most EB/Gamestop deals, you are not required to trade in any games, but you must have all of the following items; A working PS2 system including all appropriate cords and controller, a second PS2 controller and any brand 8mb PS2 memory card. The offer is good through Feb. 18.

Read the full article over at kotaku.com