I have a 19" CRT and a PS2 & PS1, and this baby works superbly on both. It will not work on LCD monitors. A bad thing about it is that it takes it power from a memory card slot, leaving only one slot usable on the PS2.
Things to note, is that, to change the type of display press both arrow buttons for a second and then let go.
And if you want to use YPsPr mode, switch on the PS2 without a CD, in the system settings select YPsPr.