Hello, Yes I am new at this and I did read the FAQ. I have a PS2 Version 9 SCPH-50001 with a MAGIC V 50K modchip using a PLEXTOR DVDR PX-708A and DVD Decrypter. I used ISO Read (1x) and ISO Write (1x)with Imation DVD-R and all I can make is coasters..
My PS2 will play backup PS1 games, backup DVD-R and DVD+R movies but not backup PS2 games.. It seems that I can backup my PS2 games but the PS2 comes up with the red screen asking for a PS2 format disk. Any help is greatful.

1) Maybe try different media (you're on the right track by not burning anything above 2X - which improves your chances)
OR
2) Get your hands on RecordNow Max, fantastic program which I find more reliable than most.

Does it read PS2 originals and original DVDs?

Yes it will play everything but my PS2 backup DVDs.

a word of advice NEVER EVER use Imation with your dvd burner they suck... use a better like g04 or tdk multi speed...

few things to check
check all bios connections on bottom side of board.
make sure wire R is shielded
use larger guage wire for power and ground
if you can do a continuity check for all connections using other points on the board rather than the wire itself.
sounds to me like your chip isnt working at all, the dvd movies you burn should work because they are in dvd format,the games have a file that cant be copied so you need a modchip to play them.
also try burning a cd-rom game on cd-r and see what happens

sorry just noticed the "can play ps1 backups"
I had this same problem on a V9 with DMS3 it turned out to be a bad connection on wire V
which is wire H on the magic V50K
if you have a DVM do a continuity check from the modchip pins B-I and on the bios chip itself

Thanks for all the help.
I will do a continuity check on all the connections going to the mod chip. I know that wire R is not shielded but it is routed near the edge of the board away from all other wires.