They're considered safe, aren't they? It's an out of production system, and there are no major titles being produced for it (by a registered company). it's the PSP TOOLs you'll want to avoid if you want to stick to the law. But really, there's an extremely low chance (>1%) that Sony is either going to find out, or even going to care for the PS2 TOOLs. They have very limited online access and so don't update over the internet (unless you boot linux and download updates there, but
AFAIK Sony doesn't support the update server anymore)
I can see expensive and hard to find as points. However, it is possible to find them for good prices (I've seen a couple go for $300) if you don't mind too much about the cosmetics.
A couple more points
-They're damn awesome looking. You can't deny that look. (+)
-The looks come hand in hand with the high noise levels. Be prepared to put it in another room. (-)
-built in PS2 hardware to work with (+)
-hard to find parts, fixing is a pain, etc. (-)
EDIT- I quote the dev hardware god himself- "No if licensed, No if they no longer exist, no if you bought it as scrap.
Yes if it's loaned and not sold."
Also keeping in mind it's the software that's high risk, especially retail games.