Product does exactly what I needed it to do. If you need to output your PS2 to HDMI then this is perfect for the job. Output resolution is good and response time seems adequate. Build quality seems good and it's relatively plug and play.
The only thing I will add is that you may need to change your PS2 output. If this is the case you will need to blindly navigate the PS2 menu to switch the output mode. Instructions as follows: To change the component video settings blind:
Start the console with no disc inserted. Wait 10 seconds to get to the main menu. Press ↓, ╳ Wait 3 seconds to make sure you're in the configuration menu. Press ↓, ↓, ↓, ╳ Press →, ╳
This will alternate between YPbPr and RGB. If this still isn't working I'd suggest finding a composite AV lead and trying that.
You should find you get picture now. No fault of the product however, just a quirk of the PS2.