I think they look like cheap old joysticks myself. I have never seen any arcades with analog joysticks like that. Sure they are probably good for dual analog games, but thats really only for console games.
I would love some analog buttons though. great for flippers... but most pinball games don't handle analog controls. I have an gravis xtreme something joystick with two analog flippers... and I always wanted to plug them into visual pinball... sure most real pinballs are digital flippers, but the old ones would be cool.