Its an interesting design... but I can not see that lasting a "Lifetime". Those thin plastic fins are going to wear down pretty fast from any decent amount of play. If you put this in a busy location, in a MsPacman... It probably would not last 3 months.
Also, due to the sharp nature of contact points, and low surface area (thickness of the walls), ... its going to dig into any bats plastic shaft as well.
Now, maybe if you are one of these people whom play with no force or frenzy at all... you may get longer lasting results. But typical players will see wear.
Being a former arcade mgr.. I used to have Happ's 8-way joystick spacers wear down like crazy. Maybe 6 months... then you had to flip them over. You would look down into the control panel, and see fine white dust piles... from where the spacer grindings landed.
I suppose if its cheap enough, people wont mind replacing it, regardless.
Even the Old Wico 4ways, which used a fairly thick plastic diamond shaped hole.. reinforced with an internal metal part.. would wear down eventually. The Old Bally 4 ways, were probably the best... in that they had a thick solid metal top diamond, and a replaceable bottom mounted diamond made of plastic. The rubber grommet helped greatly to reduce impact and thus, reduce outer-edge wear.