I realy avoid the phantom 1 since it suffers from compatibility issue.

If you go the AES route and you wanna play mvs carts on it.

Then i suggest this converter instead.
Super MVS Converter II
http://www.neostore.com/detail.asp?ProductID=1178

It has a better track record then what the p1 has from,what i've herd about it.

Btw..i own a aes once as well and i had a p1 too and i found it to be junk.