I bought this back in April '09, during the craze when arcade sticks were impossible to find. I would have preferred the tournament edition, but this popped up on Amazon and I grabbed it. I've been very happy with it overall. I'll assume most people are looking at this as a controller for Street Fighter or other fighting games. I have played a fairly heavy amount of matches on this stick for the past several months with no difficulties, and I highly recommend it.
I first became interested in switching to a stick because I wanted to start playing charge characters. This is the typical Bison/Blanka/Chun/Guile sort of character whose moves are something like charge back 2 seconds then forward + kick. First and foremost, charge motions just don't work very well on a normal controller's directional pad. Additionally, one of the easiest ways for a newbie to learn charge characters is to sit on a down-back charge quite a bit. This stick has a square gate on it, so that the motion of the stick has four corners along the boundary of the stick's action. This makes it extremely easy to charge down and back at the same time because there's a corner there to tuck into. Advanced players don't rely on the corners in the gate for inputs, because if your reflexes are amazing and precise then you get quicker motion between directional inputs by pushing the stick just far enough to trigger the input. But for a newbie, a square-gated stick is a godsend for learning to play these charge characters. For roll-motion characters like Ryu or Ken, some people may feel more comfortable using the analog stick on a regular xbox controller, or even the d-pad (if you grew up playing SF2 on the Super Nintendo, you can probably manage.) Using a stick for those characters definitely takes practice, and while 90% of the good players use sticks for ALL characters, if you're just dabbling in fighting games and use a fireballin', dragon punchin' character, then you may not want to put in the time to re-learn the game on a stick.
Street Fighter only requires 6 buttons: three punches and three kicks. The 8-button layout on this stick allows you, if you wish, to set some function to the two black buttons on the extreme right which would not be there on an actual arcade cabinet. You could, for example, set them to be all three kicks or all three punches if you had trouble hitting all three at the same time to trigger your ultra combos. In practice, I found that to be awkward. Even though I'm a player who regularly uses shifting hand positions in Rock Band / Guitar Hero, I found it much easier just to hit the buttons simultaneously rather than try to shift or use a pinky to hit the black buttons. I imagine most people will feel the same, and the black buttons will be used in navigating menus (they're the right trigger and right bumber buttons on a normal xbox controller, basically.) For 4-button fighting games like BlazBlue or the 3D games (Soul Caliber, DOA, etc.), you'll probably use the top three white buttons and the left-most white button on the bottom row. I've played several fighting games with this stick and found the button layout to be great for all of them with the right setup.
There's a turbo function you can assign to any button, but no serious player would use it. Not because it's unfair, but rather because your inputs need to be precise in a game like this. It's very easy on a stick to hit the buttons quickly and repeatedly when you need to, so turbo is unnecessary even for things like Blanka's electricity or Chun's lightning legs. And if you're turbo-ing into moves like that then you aren't using the more specific inputs you'd need to combo into them, so you're handicapping yourself anyhow. As far as I'm concerned, turbo isn't really a valuable feature for fighting games played at anything more than a novice level.
The buttons themselves are supposed to be the weak link in this setup, and are reputed to be easily replaced if you wish. The buttons on mine have all held up, and they input just fine.
The stick must be broken in a little. When you first get it, you may notice that after you let the stick return to neutral the character is still moving as if you were inputting a direction for a second or so. After less than an hour of play, this went away.
Sticks take a bit of getting used to, not just in terms of inputting commands but in terms of positioning it comfortably. I've found that I can position the stick okay on my lap for play, but some people may have trouble finding the trick of doing that right. This stick is not nearly as wide and heavy as the tournament edition, so there's a chance you'll find it shifting around on your lap too much and affecting your play. Again, I adapted to this stick pretty well, but you may or may not. Some people play their fighting games standing up with the stick on a stand of some sort, and if you have a setup like that in front of your TV that's great. For me that wasn't viable, but I found this stick manageable anyhow.
You can move a switch to determine whether the stick is controlling the equivalent of the normal controller's d-pad, left analog or right analog stick. This makes no difference in fighting games, but allows you to use the stick for other games where you must control movement with one of those inputs in particular. I tried using it to play Pac-Man Championship Edition and found the control to be a bit clunky. But to be fair, the square gate is not well adapted to Pac-Man (as he doesn't move diagonally) and maybe if you were more practiced with the motions you'd have more success than I did.
Finally, the stick is wired instead of wireless. Wireless has become pretty standard for this generation of video game consoles. But the wire is plenty long for most living room setups, and because the wire uses a USB connector you can actually use it for PC gaming if you were so inclined.
Overall, I rate this product quite highly. It did exactly what I'd hoped it would do: make me better at Street Fighter with charge-attack characters. It has held up for months of heavy play. Obviously there are some people here who had lesser experiences with the stick than I did, but I can only rate what my own experience was, and it's been 100% positive.