I see what you are trying to figure out.
The 150,000 limitation is for rental losses. In general due to passive activity rules, most people are granted a special rental real estate loss of up to $25,000. However, if your adjusted gross income is above 100,000, then for every two dollars above 100K, your loss amount goes down by $1. Therefore, no rental losses above 150k. Here is info about that at the irs website: http://www.irs.gov/businesses/small/article/0,,id=146326,00.html
This concerns losses. If you wish to profit from rental income, and you feel that the effort is worth it, you should concern yourself with how much money you can make renting. (The undeductible passive loss also carries over to future years)
As a second home, you may deduct mortgage interest (up to prevailing limits) and full property taxes on your schedule A. However, in 2006, if your income is greater than 150,500, your schedule A deductions start to get phased-out.
This is a big decision and you may want to talk to your tax preparer to get some estimates based on your income level before you make up your mind.