Works GREAT! finally finished it this morning as I was waiting for my carpool. Started cutting the wires last night, but had to put the kids to bed before I could finish everything.
Things to note. They DONT use normal color wires AND they have EXTRA wires not being used (

?). So I had to rip the end off to see which where soldiered in. This was pretty easy to do (crappy end on the xbox side).
Also, you need good light to tell the difference. They are like dark green (not used) and dark blue (used). Black was white, Brown was green and Blue was black... (red was red) I'm pretty sure (DOUBLE CHECK IT YOURSELF). Of course I already heat shrank it before shooting any pictures off... sorry if anyone cared.
But easy and works well through the xbox connection (not ps2).
I cant tell any ghosting at all. Super uppercuts without troubles.
Only trouble I had was r2 button doesn't work. I'm assuming this is why it was returned to the place I bought it (I got it for a song because the box was trashed). But that should be fixed a few seconds after I open it up.
Now...
replace all the buttons
then
replace the joystick
HEY... THANKS FOR ALL THE HELP! If it wasn't for the help, I wouldn't have bought it twice and have the starting of the ultimate gaming for my work pc!