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I have had my PS2 since launch (That's a whole story on its own for me), along with a vertical stand since day 1. I haven't changed or moved it since. It was picked up a few times, but that's it.
Haven't had one single problem.
BUT, another problem that relates to both vertical and horizontal is that you shouldn't leave your discs in the system when it's turned off - that causes the lens to be pushed down, and it has problems reading your games. The repair for something like that's real nasty too - apparantly, it's $99 US to get it repaired from Sony.
So, DON'T MOVE YOUR PS2, and DON'T LEAVE DISCS IN IT
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