With the disk making funny noises, I'd be careful to watch your PS2. That happenned to me last year when playing SvR 2005 and it ended up with my PS2 laser breaking and refusing to play PS2 games, PS1 games, DVD's and CD's.
On the game, it's awesome but slightly annoying. Aside from the new controls, which I'm getting used to but I still prefer last years, I've had problems in submission matches where the meter reaches the end of the submit bar and nothing happens, the match just continues. I had a submission match with Kurt Angle in season mode and I got so fed up after giving him my finisher about 30 times and using over 20 submissions and wasting 45 minutes of my life that I had to quit the match. Grr.
Also, THQ have made a woopsie in Create a Moveset mode. The move Drop Toe Hold is most certainly not a Drop to Hold.