I called it over a year ago and no one believed me
Basically PS2 classics, just like the PSone classics, awesome titles from previous generations available for purchase through the PSN store. Note that these won't be HD remakes like the Sly, God of War, Team ICO, MGS etc ones you buy on disc, just straight ports of PS2 games with some upscaling options.
The idea is to promote all the PSN titles in a new campaign "Only on PlayStation Network" but the big surprise is the addition of these PS2 games.
There will be a bunch of PS2 titles available for $9.99 USD each but it's also rumoured that it's just a launch sale price. God Hand is confirmed as one of the titles though so I'm stoked
It's safe to assume that this is only for the US at the moment and us Aussies will have to wait another 6 months or something at least
Gamasutra - News - Sony Reveals 'Only On PSN' Campaign, PS2 Downloadable Classics