It looks like from the pictures that this gun would only be able to support PS2 Guncon2 lightgun games (as far as PS support goes). It doesn't include a standard PS1/PS2 controller connector. So it doesn't look like it will work with either Guncon1 games like Time Crisis 1, or non-Guncon lightgun games, like Area 51 and Lethal Enforcers.
It still looks like a great solution, I hope the accuracy is good. I just wish they had included PS1 support for Guncon1 and non-Guncon games.
Jim