Funny this topic should come up again just now . . .
I just decided to "re-hack" my first ever keyboard hack for my second project.

Why?
Well, my first project was the usual small 2 player 6 button desktop controller for which I hacked a super-old AT keyboard (the pcb in the thing is as long as the keyboard, and has two gigantic chips on it that look like they were made a good few years ago when chunky was all the rage.

)
Worked fine, and I bashed away at 1942, willow and galaga and beat the hell out of my brother in MK and SF2 and generally had fun for six months or so.
But then some cold joints/loose connections started to reveal themselves - intermitten failure on some buttons. Also, this was in the day before controller.ini files, and my cfg would occasionally become corrupted and I would have to laboriously re-enter all the controls in MAME, as the obtuse key combinations forced on me by the KB hack would be lost.
So I bought an IPAC2 (much to my beloved's chagrin) for the fairly substantial sum of about $90 AUD shipped.
Never looked back - no problems from day one, all inputs mapped to MAME standards.
But now I'm putting together a cab, don't have the sheckles to shell out for another IPAC and don't want to kill my desktop CP, so am resorting to my old hacked kb.
I went through and spent around 4 hours re-soldering all my connections to an IDE cable (had tons lying around) and hacked together a little junction box so I can make the cab's CP swappable if I ever get around to building another one. Spent another hour or so re-mapping the matrix and choosing keys. (by the way, the faq at
www.mameworld.net/emuadvice/keyhack2.html is still probably the best write up I've read).
So far, the rehack is performing admirably - though cab is still in process so no realworld testing yet

Moral of the story?
Notwithstanding Randy's comments above about the price of the keywiz (which is quite reasonable), if it costs anything, that's more than nothing, which is what a KB hack costs (except time) if all the junk is lying around waiting to be used.
Therefore, to me:
no cash = kb hack.
cashed up = ipac/keywiz/etc etc
Isn't part of the project making the whole thing take as long as possible anyway!!

Sorry for the long post - its late and I have to say I'm a little pleased with myself for getting the hack to work again (it had been squashed in a drawer for nearly two years!)
cheers
bviking