The PS2 version is technically as good as the PC version but because of the high level of competition I wouldn't recommend this as your first choise. The game is still plenty of fun and shouldn't be ignored. Though, Rachet & Clank is lot better choise but because this title has been on the market for a while I'm sure you can buy this game with a reasonable price.
The gameplay is good, only the camera sometimes doesn't follow Rayman like it should but it's nothing that spoils the fun. The controls are easy and handling Rayman is like typing with your keyboard - you make mistakes but you get better all the time!
The graphics aren't better on PS2 but comparing to other PS2 titles it's impressive. The music is quite boring or even annoying but nothing bad. The game offers hours of excellent game play in a long and enough hard adventure. The humour is still there and should make you laugh many times. The game indeed is a good choise and I personally like this more than Cash Bandicoot, whose debut on PS2 was less impressive.