Ok, so if I understand correctly all it is is instead of using a backup DVD or CD you simply read the images off of the Hard Drive.. now here are the questions:

1) Can HD be USB? or does it have to be throught that thing in the expansion bay on the PS2 (non slim)
2) From what I read it doesnt support all games... is there a compatibility list? Will it support all games if I have a modchip in the PS2?

I know I may be looking too far ahead but Im gettin an MI chip installed into a V3.. and I jsut want to know some info in case the laser dies... if it dies.. will I be able to just put in a HD (or use USB HD if possible) and start using that? I heard you can just burn the HDloader cd if u have a chip.. so yeah... or do you still need a working CDrom drive in the PS2 in order to use it?