The $499 MGS bundle will only have ~90% PS2 BC, but it has the extra 20 GB of space (make it an MP3 jukebox?), MGS4 game, DS3 rumble controller, 1 year warranty, and possibly (no official confirmation) a 65nm Cell processor to run cooler and quieter.
All of that might or might not be worth $175 to you (or $75 if you can get the Sony/Chase Visa from SonyStyle.com with $100 credit). If the 60GB needs a repair I've read Sony charges $149.
Does anyone know if the Sony/Chase CC is one of the Visas that doubles warranties? If so you get a -2- year waarnty buying the MGS bundle with it.