my $0.02 cents of personal opinions...
I've used all 3 types of buttons...
Competiton, Ultimate Vertical, and Ultimate Horizontal.
After trying all 3, I personally don't really like the vertical one...
it somehow feels disconnect because you're not really pressing on it, but you're pressing down a thing that pushes the switch which is mounted sideways..... (it is easier to mount and unmount, but game play is more important to me.... and hopefully, I don't need to mount/unmount it too much... hee hee...

)
if you need to press buttons VERY QUICKLY with quick release, then competition should be better... the button is somewhat lighter (or just lighter feel...) my friend said it is MUCH better feel for virtual fighter for PS2... (yes.. I have a PSX hack for the stick...) he said he can do combo and then tab the guard button in the middle of it and cancel it... (and with lightning speed.... he claims.... haaa haaa....

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Just for looking and fighting games, I find the ultimate horizontal best and have most real arcade feel.... but when I play track and field, my record still holds with the competition buttons... they really are faster.....
for me, bottom line is... I'll install "Ultimate Horizontal" on my cab.... (well.... that is.... when it gets to that part.... its still pieces of wood now....

will need to hurry up.....)
but after I made a few joysticks... I've spent too much time playing Mame with my sticks.... no time in doing cab... haaa haa.....

of course... every person has different preference... if I didn't remember wrong, a lot of Neo-Geo games out there uses competition buttons... so, if you're used to those games, you might like competition more....
