I like the round for certain games that require lots of sweeping motions: Robotron, SmashTV, Berserk. Shmups are *ok* with them, but the problem is sometimes you need precision movements especially on the diagonals, so having a physical "notch" to guide you can be helpful. But of course everyone's preference is different.
Octo-gates are my preference for most games that are 8-way. Square-gates are mainly a fighting game norm, but the added benefit especially with a JLF is that you get the option of turning the restrictor to 4-way (diamond).