I remember getting one 3 days after launch. My mom bought me the system, SoulCalibur, and a VMU. It was absolutely amazing to play SC. I played it for hours every day.
Then I got Crazy Taxi, and man, that game's fun even to this day (its sequels? not so much). Dead or Alive 2 was another amazing game, as good as most DC games looked, DoA2 was above and beyond anything else and it was a fairly stellar fighter too. Sonic Adventure was a great game too.
Of course, when the PS2 came out, I got rid of mine. The draw of the PS2 was too tempting... being able to all the PS1 classics (my 2nd favorite system ever) with smoother graphics & faster load times and the promise of some great RPGs.
The thing that I didn't like about the DC was that it was a great system for fighters but I'm not a huge fan of the genre (even though two of my favorite DC games were fighters). At the time I was a huge RPG fan and with the PS1's dominating lineup of RPGs, I figured that trend would continue on the PS2 (which it did).