This is the excerpt from the FAQ. Props to Videogames.com for this.

Q: How will the logo appear on the PlayStation2 software?
A: The current PlayStation logo will appear for the black PS discs, but a different logo design is being prepared for PlayStation2 software.

Q: When someone inserts a CD or DVD-ROM, will the PS2 automatically play it, or will there be a menu screen?
A: When you turn the machine on or hit the reset button, the machine will automatically detect what type of disc has been inserted.

Q: The PlayStation2 has a 24X CD-ROM. How will that affect the initial read speed for the PS discs?
A: When running PS discs, the CD drive will operate under 2X speed. The initial read speed will be the same as that of the current PlayStation unit.

Q: Will the read speed of the Memory Card be any faster?
A: For the 8MB Memory Card, the read speed is approximately 250 times faster than the current Memory Card. The read speed for the current one will not change.

Q: There is an on/off switch at the back of the PS2. Is there another method for turning it off?
A: If you press and hold the reset button, the PlayStation2 will turn off.

Q: The PlayStation2 does not have a link cable port. Does this mean it will not be compatible with the link cable?
A: The PlayStation2 will not be compatible with the link cable.

Q: Can PlayStation games switch modes from PS1 to PS2?
A: No, there will be no switch modes from PS1 to PS2. [For more details, read on]

Q: Will PlayStation software have special features for the PS2, like enhanced graphics or additional movies?
A: No. When the machine initially reads a PS disc, it will not be able to switch modes from PS1 to PS2 from that point. Two separate discs will have to be published for a PS1 version and a PS2 version, if that is the case.

Q: Can we use the new Memory Card for current PlayStation games as well?
A: No, the PlayStation 2 Memory Card can only be used for PlayStation2 games. The only exception is the PocketStation.

Q: Will there be a new PocketStation with more memory?
A: For now, we intend to keep the same memory.

Q: Will the new Memory Card still use "blocks" as the current one does?
A: No, the PlayStation2 Memory Card will use units in "bytes" instead.