Survey says! NO!
I was unable to get anything on their 'compatable' list to boot. In fact, it wouldn't boot anything. I'm using a slim PS2, and the manual mentions 'pressing eject' so no telling if this would work on a chubby PS2 or not, but its sure as hell not working on mine.
The disc boots and changes resolution, just as they promise, but when I put in a game or movie it just sits at 'loading' forever. *shrug*