This is the second stick I've got, but both of the ones I own I received in January, so I can't help but compare the SF4 stick to the
PS3 Fighting Stick 3. The differences between the two are pretty drastic - the Hori stick was a really good first choice for me because it has stock parts that are decent for first-timers and really got me into playing fighting games again, but because it requires soldering and dremels to properly mod, and because its case is just too small to easily fit Sanwa's JLF and Seimitsu's LS sticks, I didn't feel comfortable opening it up.
I got the SF4 stick and immediately fell in love with the case - the pictures online don't do it justice. Maybe it's because I was playing with the FS3 for so long and its sticker was starting to bubble and it is lightweight and thin, but the SF4 stick has good weight to it and the art, aside from looking good, really feels like it's protected well from oil and grime from your hands. However, even though I only just ordered it last week, THE WASHER PROBLEM DOES STILL EXIST. While MadCatz may have fixed the problem in sticks just produced, there's no guarantee that your fight stick won't be one that was on the shelf for months with a faulty washer.
Luckily it's a great stick for modding. I just completed my first ever mod tonight using a Sanwa JLF and OBSN-30 buttons. Unlike the FS3, which has a huge PCB with the buttons directly soldered to it, the buttons in the SF4 stick have quick disconnects and are easily accessed as soon as you open the stick. It's a quick change for the buttons and if you use the proper JLF stick, even quicker there. You almost have to do this - you don't want to be in a position where your joystick is scratching its PCB every time you move, and even if you plan on replacing the stick eventually the washer does impede movements in certain directions every now and then. Sure, you can open the stick up and glue it down, but if you're going to do that and void the warranty, you may as well just put a quality part in there instead. The stock buttons get mushy pretty quickly, too, but aren't as vital as the stick when it comes to exchanging parts.
If you've never modded before and want a user-friendly stick to start, go with this one! Art templates are found all over online and with all the colors that OBSN-30 and Seimitsu's PN buttons come in, you can really make it your own. Don't be duped into thinking that you need to pay more than retail price anymore, or even duped into believing you need to pay equal to retail price. Amazon's price for the stick fluctuates every day - keep an eye on it and jump when you get the chance.
