This chip is quite the trip. Sending your ps2 to get modded at (www.modchipworld.com) is definitely worth it. Whichever way you choose to take, it'll be done with as long as you got a DMS3. Tested ps1 and ps2 backups, both work with ease. It will even play PAL games, however you would need either a multi-system tv or pal to ntsc converter if you want to play those on an NTSC tv. Otherwise, without the proper equipment you will have to see the common-known black & white jumpy screen. The last chip I had before the DMS3 was the SBOX, and I can tell ya'll for sure that there is no comparison. The DMS3 chip rocked the SBOX. Why? Because it's got almost every dam feature you would ever expect out of a PS2 system. The function that caught 85% of my attention was the ability to play divx movies, as well as mp3s, and view picture files if burned onto a cd correctly. For full specs on how to do this, or if you need help with doing so, I recommend visiting the site as followed: http://ps2r.dg2.org/
That site will tell you exactly what you need to get the PS2 Reality Media Player to work if you have the DMS3 chip. Another cool thing is the fact that once you burn the player to a cd-r, and load it on the ps2, you can save it to a memory card so that you can load directly off that.
Anyway, I think I said enough, I'll let you decide what to do. . .
Make the right choice like I did and I guarantee you will have a smile on your face!