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It's not just similar to the original GameCube controller, it IS that controller. It's in white (not originally a color available in the US) and has the Smash Bros. logo on the front instead of only "Nintendo", but other than that it is the same.
But being the same controller means it has the same GameCube wire connection, which means to play with this on a Wii U you will need to purchase the elusive and expensive Wii U / GameCube controller adapter. You can still keep waiting for them to become more easily available at the $19.99 MSRP (instead of the $50-80 scalper price), or just get an off-brand one and hope it works.
Similar to how the original Japanese white GCN controller had a slightly longer cable, this is still the case with this re-badged Smash Bros. version. So instead of the woefully inadequate 6 feet, you will get about 9 feet with this controller. Not as good of a range as wireless, but still decent. If you need, there are many off-brand GameCube extension cables available for cheap.
I would also recommend looking into the alternative options that are cheaper and don't require the Wii U / GameCube controller adapter:
*Nintendo GameCube Controller vs. Hori Battle Pad vs. PDP Wired Fight Pad*
Nintendo's controller:
[+] Includes rumble
[+] Has the unmistakeable classic look and feel you are used to, including great analog sticks and natural feeling button presses
[+] Can be used with GameCube console, older style Wii console with GameCube ports, and Wii U console with adapter add-on
[-] Does not have ZL and ZR buttons, only the single Z button up top, nor the + and - buttons that are now commonly used in Wii & Wii U games
[*] Is wired, limiting your mobility, but freeing you from the never-ending cycle of recharging batteries
Hori's Battle Pad Controller:
[+] Has ZL and ZR for better compatibility with newer games, as well as the + and - buttons
[+] Has a turbo feature that may come in handy at times
[+] Is slightly cheaper than Nintendo's controller
[*] Has a flat finish that holds up well do use
[*] Is semi-wireless as it connects to a Wii Remote, giving you more mobility but requiring constant battery swapping/recharging
[*] Has button-press triggers instead of the analog slide-in triggers from Nintendo's original
PDP's Wired Fight Pad Controller:
[+] Has ZL and ZR for better compatibility with newer games, as well as the + and - buttons
[-] Does not have a turbo feature
[+] Is slightly cheaper than Nintendo's controller
[+] Has the biggest variety of controller colors, designs, and character themes
[*] Has a glossy finish that looks very nice but is a fingerprint magnet
[*] Is slightly larger than the Hori
[*] Is semi-wireless as it connects to a Wii Remote, giving you more mobility but requiring constant battery swapping/recharging
[*] Has analog slide-in triggers similar to Nintendo's original, instead of the button-press triggers of the Hori
Overall, they are all great options, and you will not be disappointed with any of them. Just know their strengths and weaknesses and make sure you get the best one for your play style.
