Personally, I thought that Silent Hill 2 was far better than Eternal Darkness. It was just so much more scary, freaky, and the storyline was comparably deep. Despite it being very short (it took me about 9 1/2 hours) there are extras to get the second time through (CHAINSAW!).
I recommend:
Grand Theft Auto III/Vice City - There's lots of debate about just how good Vice City is, but I personally prefer it to GTAIII.
Final Fantasy X - Good looking, absorbing RPG. But way too easy and there is very little character variation later on in the game.
Gran Turismo 3 A-spec - If you like cars, there is only one game better than this, and that is GT2. An essential purchase all the same.
Devil May Cry - Stylish, action-packed, good looking, great playing game with extra lashings of cool. Another essential.
Metal Gear Solid 2 - Made the PS2 worth buying, as far as I'm concerned. Not quite as good as MGS1, but better looking and smoother all the same.
SSX Tricky - The best version of the best snowboarding game ever. One of the best racing games ever. I have played this game far more than I should have...
Silent Hill 2 - Freaky, disturbed game with excellent graphics, brilliant light effects and one of the best plots in any game I've ever played. And I played quite a few.
WipeOut Fusion - One of the best futuristic racing games yet, bettered only by WipeOut 2097 IMO.