I've been playing my PS3 Fighting Stick 3 with BlazBlue online and against my friends, and buttons and controls are responsive. This is my first arcade stick since the original NES so I didn't know what to expect.
Pros: A good arcade stick, with square gate, and button alignment exactly like the japanese arcades. Switches for Turbo, up to 20x, and also works with PS2 games if you have a BC PS3. A lot of bang for your buck without breaking the bank.
Cons: Not using Sanwa/Seimitsu stick, or using Sanwa/Seimitsu buttons.
I've been playing this on BlazBlue for 20 hours a week for a few weeks, and it still works. I don't know anything about modding, so I can't help you there. I've been playing pad since the days of SF2, so adapting to stick took a few days, but pulling off your characters specials and supers are way easier, combos are easier to pull off, plus it won't sore my left thumb on the analog stick for the pad.