Sony's first console. There have been literally dozens1) of hardware revisions over the years, but only three are worth mentioning: old model with parallel port; old model without the parallel port (SCPH-900x series); and the PSOne (also without the parallel port). The parallel port was only used for old model hardware cheating / region free / burnt disc playing devices, and these generally work better than the later disc-based versions, but less-better than modchips. The PSOne also removed the reset button. The swap trick works on all models of PlayStation.
PlayStation emulation is reliable, whether you are after additional effects, or accurate emulation. Discs themselves are also backwards compatible on both the PS2 and PS3 (on the latter console, you can swap save data seamlessly between physical and digital versions of the game in question).
In the first battle you can just steal 100 Magic x2 from the first enemy then equip that to your HP and attack, and you're basically immortal for a while.