I'll chime in to say that in my experience, the Greatest Hits on PS1 also have another issue - less durability. Because the disc is just that smooth silver, it is more easily damaged than a normal disc with a printed label side. The label side is easier to scratch on a shiny smooth silver disc than one that has actual art and a rougher, tougher label side. The same rings true for audio CDs. If you want to store some disc only games in a travel case, don't go for Greatest Hits.

On PS2, PSP and PS, Xbox, Xbox 360 or any Nintendo systems, Greatest Hits, Platinum Hits, Player's Choice etc is only a cosmetic difference but if you don't like the red, silver or yellow colorations and gold ribbons as much as the original art then you tend to shy away from those.