V3 has a substantially different internal structure from the subsequent revisions, featuring several interconnected printed circuit boards.
After an apparent manufacturing issue caused some initial slowdown in producing the new unit, Sony reportedly underestimated demand, caused in part by shortages between the time the old units were cleared out and the new units were ready.
Many analysts predicted a close 3-way matchup between the PS2 and its soon-to-be-released competitors Microsoft Xbox and Nintendo GameCube, noting that the PS2's graphics were inferior but that it had the advantage of a head start, and had a wide assortment of games of every genre (Xbox's strength was in its hardware; GameCube was the cheapest of the 3 consoles).
The PlayStation 2 was such a hot item after its release that it was near impossible to find one on retailer shelves, leaving those wanting a PlayStation 2 to either wait or purchase the console online at sites such as eBay, where the console was being sold by many people for twice and sometimes five times as much as the manufacturers listed price.
The PS2 launch seemed unimpressive and gaffe-prone, compared to the well-planned launch of the Sega Dreamcast, which was making a genuine attempt to woo developers and which had better launch titles.
Hardware sales remained strong until 2004 saw the console apparently approaching saturation point.
These included a PCMCIA slot instead of the Expansion Bay (DEV9) port of newer models.
Although Sony placed little emphasis on online gaming during its first year, all that changed because of the launch of the online-capable Xbox.
Developers also complained that it was difficult to develop for the system, with little in the way of reference material from Sony for its exotic architecture.
In September 2004 Sony unveiled the third major hardware revision (V12, model number SCPH-70000).
When it was released, the PS2 had many advanced features that were not present in other contemporary video game consoles, including its DVD capabilities and USB and IEEE 1394 expansion ports.
