I would definately play. Never had a problem with 2nd edition. I always wondered why so many people had trouble figuring out Thac0. I know 3rd edition simplified everything, but it just seems so bland. Not that I'm bashing 3rd, because I've been in some great games using it.
Actually now that I think about it, my main gripe with 3rd edition is the combat system. It just seems to easy to hit, or be hit. It seems the only way to get armor class to go up is magic items, and when youre running a low magic game the last thing you want to do is give a way a lot of magic items. I know 2nd edition was the same way with magic items, but combat was better (especially with fighters being the only ones with multiple attacks).
Anyway, to get back on track, yes I'd play 2nd edition, although if I had a choice I would just use Hackmaster since it's mostly 1st edition with some 2nd mixed in.
With a decent DM and a good group of players I'd consider it, but I'd try to convince the DM and players to use a better system. If everyone was dead set on 2e, I'd likely still play, but I don't know if I'd stick with it, and I'd almost certainly complain about stupid rules that 3e fixed (like THAC0, nonsensical saving throws, etc).
If the DM let me use the character customization options from Skills & Powers and Spells & Magic, I'd be more likely to give it a try. They were broken, but broken in a fun way.
You're probably not the only one, but I happen to disagree strongly with your opinion. In my view, the 2e kits varied too much in power, were too frontloaded, and were too restricting. 3e PrCs are (mostly) better balanced, and allow for more organic growth of characters, so you don't need to decide at 1st level that you want to become a Blademaster of Fung Doo. This is particularly useful if you haven't even heard of Fung Doo until after you've travelled halfway around the world and are 6th level. Meat, poison, whatever.
In a heartbeat. While 3.x is a simpler system, it wasn't until 3.0, and moreso 3.5, that I -- and everyone in my group -- began to think of characters in terms of how to minmax a PrC, fret over miniature placement and use, or become obsessed with having magical gear. We're better now, but then again, we're taking a break from 3.x, and are playing SR3 instead.
Back in the 2e days, we were worried about the story, and how that would play out. In fact, we never accumulated XP in the traditional sense. The DM would, when he felt like it, tell us to level.
I miss games where playing the characters is more important than levelling them. (Can't wait for A Game of Thrones Tri-Stat!) If, by epic, you mean grand story, then I'm on board with both feet. If you mean high-level, then I will hedge just a bit before attempting to bring in my kender handler. :-D