JYoung--
Unfortunately the answer seems to be "it's a matter of taste"--which doesn't mean much if you're buying mail-order and can't try before buying!
As for myself: I have twin Ultimark T-stik+ sticks, and I really like them. If you play many 4-way games and don't want a dedicated 4-way on your board taking up space, the switchability really is very nice; it works well without hassle and really does make a difference if you play 4-way games (trying pac-man, for example, I did get caught in the corners occasionally--not often, but enough that it was noticeable). Given the choice between the happ 8-way and the T-stik+, I'd probably pick the T-stik.
Having said that, Happ right now has a special on their "perfect 360" joysticks, which even on sale cost more than the T-stik+. But I think I would like their feel more... I think. It is, again, a matter of taste.
As for the trackball, I wanted the big 3" ball, and Happ had a sale on them at the time, so I went with the Happ (well, Imperial) instead of Ultimarc there. Perfectionists will insist that the Happ is better as well. But I have heard good reviews of the Ultimarc as well.
Sorry--I know you would love to get boolean answers instead of "well, it all kinda depends". But I think most folks will agree that the Ultimarc T-Stick is a very good stick (I do like mine). Opinion seems to be divided more with the trackballs, but if the Happs aren't on sale, the price difference is HUGE.
-->VPutz