I can confirm this deal on the east side of Cleveland. I preordered a unit from the Mentor, OH, store since they were sold out. I haven't done the trade-in yet because I need my fix of GTA:San Andreas in the meantime.

I don't have a network adapter, and I wanted one, and I have some games I got for $2-$3 at FuncoLand that will net me $10 a piece, in addition to 2 of my own, so I consider this a HOT deal. I got my PS2 on day one of its release and it's been rock solid the whole time, but add up the positives (assuming HDD is not an issue for you) and it's pretty clear that this is a HOT deal:
TRADE-IN PROMO WITH EB
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5 games from FuncoLand or other used game store - $3-$5 x 5 = $15-$25 cost to you, for $50 credit
Regular PS2 = $100 credit
New PSTwo = $150+tax
-credit = tax
Total out-of-pocket cost = $15-$25+unit tax
Integrated network adapter, SILENT, NEW WARRANTY for a year, no risk of disk load mechanism failure
KEEP OLD PS2
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Cost of network adapter for regular PS2 = $25 (pricegrabber)
NO WARRANTY ANYMORE (unless you just bought it)
bigger, bulkier, can still use HDD
Now this is just my view on it, since I do not own a network adapter, but even if you do, and you don't want to get rid of any of your games, you can still get in on this deal for net $25 cost to you, probably LESS, since you would get trade-in for your net adapter. $25 or less for a new, smaller, quieter PS2 is GREAT deal.