Well, I just rented out the PS2 version of the game for shits...
At this point, I am torn between them...
They both have their own unique look, that's for sure. The DC version just looks "different" from a color standpoint. From an image quality standpoint, I know the DC version would win IF I was displaying it in progressive scan, but I am only using s-video for DC and component for PS2. Perhaps that explains it a bit? The PS2 version has some dithering that wasn't present on alpha textures/effects, but it isn't too bad (and is only really noticible in dark areas).
The PS2 version seems much sharper, though. For one, it doesn't use mipmapping at all...but with the limited view the game presents in both versions, it actually ends up looking a lot nicer than the aggressive mipmapping in the DC version. You can't see far enough that the game becomes shimmery, so it simply ends up looking much sharper. Also, for some reason, the textures seem higher resolution in the PS2 version. When you sit at varying distances from the textures, the PS2 textures always look clearer and more detailed. Textures that were lacking in color on DC are still lacking here, though, but the dithering effect is worse. So, while most textures look better, some of them look a bit worse (the sky, for example).
They both look very good and seem about on par. I'm not sure why there is dithering on alpha surfaces, though.
The biggest difference, though, is framerate. The DC version is jittery right from the beginning and it never really smooths out. From the levels I've played on PS2 thus far, the framerate has yet to budge from 30 fps. The DC version feels very unpolished in comparison and THIS is where they really differ. I'm sure slowdown will appear sometime on PS2, but it hasn't yet. You can debate the other issues, but the improved framerate is really nice. Shame they didn't shoot for 60 fps...
Effects are a bit different. For example, the sonar effect on PS2 now uses a distortion + motion blur effect that fills the screen. Also, the water itself looks better. The water in the DC version never seemed to animate perfectly. It was ALMOST there, but it just felt a bit jerky. Not only is the water texture cleaner looking on PS2 (for some reason), but the animation of that surface seems a bit smoother.
So, when looking at the visuals, the PS2 version provides a better framerate, improved effects, and sharper textures while the DC version has cleaner alpha effects and support for progressive scan (either through VGA or converting that signal it to component video).
The other differences in presentation come in the form of audio. The PS2 version features much cleaner sounding audio whereas the DC version seems muffled and quiet in comparison. This kept striking me as I switched between the two inputs...
Oh, and it seems that they have made the game easier on PS2. A 3D map system, more hints, and other things to push you along. A plus or minus depending on your point of view, I suppose.
Well, anyways...I can't imagine too many people really care about this (outside of the few fans around here).
I'm taking this chance to enjoy this fantastic game once again!