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Internal computing power The PlayStation2's 128-bit CPU, affectionately dubbed the "Emotion Engine," is integrated on a single chip made by a joint venture company established between Sony and Toshiba.
For memory, the CPU uses Direct Rambus DRAM in two channels to achieve a 3.2GB/second bus bandwidth, which Sony claims is four times the performance of PCs built on PC-100 architecture.

CPU -- 128-bit "Emotion Engine"
System clock frequency -- 294.912 MHz
Cache memory -- Instruction: 16KB, Data: 8KB + 16KB (ScrP)
Main memory -- Direct Rambus (direct RDRAM)
Memory size -- 32MB
Memory bus bandwidth -- 3.2GB per second
Co-processor -- FPU (Floating Point Unit)
Floating point multiply accumulator x 1
Floating point divider x 1
Two vector units -- VU0 and VU1
Floating point multiply accumulator x 9
Floating point divider x 3
Floating point performance -- 6.2 gigaflops

Imaging and graphics
The PlayStation 2's graphic synthesizer incorporates a powerful parallel rendering engine with a 2,560-bit wide data bus. It achieves high pixel fill rates and drawing performance by using the embedded DRAM process technology SCE created for use in advanced graphics.
Sony says its new GS rendering processor was enhanced to generate image data that supports NTSC/PAL television. The resulting screen image is comparable to movie-quality 3D graphics in real time.
3D CG geometric transformation -- 66 million polygons per second
Compressed image decoder -- MPEG2
Graphics -- "Graphics Synthesizer"
Clock frequency -- 150 MHz
DRAM bus bandwidth -- 48GB per second
DRAM bus width -- 2560 bits
Pixel configuration -- RGB
Alpha: -- Z Buffer (24:8:32)
Maximum polygon rate -- 75 million polygons per second

Audio
Sound -- "SPU2+CPU"
Number of voices -- ADPCM: 48ch on SPU2 plus definable, software programmable voices
Sampling frequency -- 44.1 KHz or 48 KHz (selectable)

Input/Output communications
IOP -- I/O processor
CPU core -- PlayStation (current) CPU
Clock frequency -- 33.8 MHz or 37.5 MHz (selectable)
Sub bus -- 32-bit
Interface types -- IEEE 1394 (FireWire), Universal Serial Bus (USB)
Communication -- PC-Card (PCMCIA)
Media Types Supported -- 24x CD-ROM and 4x DVD-ROM

New features
Drive bay for 3.5 inch disc drive
Expansion unit for network interface

Source: Tech Tv