Mercenaries 2: World in Flames is likely to catch (and set fire to) your attention on PS3, 360 and PC primarily. However, a PS2 version is in development and is described by Pandemic as "actually a true sequel to Mercs 1 developed by a dedicated team".
Following our Mercenaries 2 interview the other day, creative director Cameron Brown explained that the game has been "specifically designed for the PS2 and the limitations of the platform, so it doesn't have co-op, for example, and is a little more designed around the hardware".
"The two games are loosely connected; they have the same story, the same characters, we shared assets. But they filled out an entirely separate game world and reinterpreted a lot of the mission designs," he said.
The PS2 version of Mercenaries 2 is due out on 5th September alongside the next-gen/current-gen/whatever versions. Check out our Mercenaries 2 interview for more on what to expect.