Ps2 version does not boast the amazing graphics that GC version did, but it still looks great and has no frame drops.

User Rating: 9.1 | Resident Evil 4 PS2
Separate ways is fun but it aint worth 50 bucks if you've played the GC version. The downgrades are not as minimal as some people would say.
Here's an overview:

Gameplay:
+no diff from GC version (maybe less enemies in some areas but you barely notice it)
-no puzzles (well there are but, if it takes 2 seconds to solve them then thats just a filler)

Graphics:
+30 frames of constant laggless gameplay
+true widescreen and 480p
+the level design remains unchanged
-downgrades are pretty big
-enemies look worse
-all realtime lighting is gone (including the stunning lightning strikes seen on GC, muzzle flashes)

Sound:
-WTF!? the quality is actually quite a bit worse than GC
-crap ass music pfff
+still cool sounds overall

Value:
+more **** than in the GC version! (just rent if you have the GC version)

Anyway, this is awesome so go get it.