- The joysticks are mediocre Super clones, and are practically useless in 4way mode as mentioned. They aren't horrible though.. but there are much better choices
- The buttons themsleves are pretty good, I don't really mind the springs like JoyMonkey does.
- The microswitches are insanely loud in my opinon, and are not worth it at all.
If you have to get an Xarcade, at least get some Cherry microswitches to replace the Xgaming ones. If you do, it'll be a halfway decent stick. You say you played all the classics, so it may bug the hell out of you, but if you haven't actually used arcade controls in years, you may be ok with them.
The encoder is actualy pretty nice if you are going to use the stick with console games as well. There is apparently a problem with the USB adapter however... read MameMaster's thread in the Main Forum for more info. If you plug in a keyboard, it is not a problem though.
My opinion is this: If you can scrape together a free hour, you can build a control panel box. You can install the controls in 5 minutes flat, and wiring it up will take 30 minutes if you've never touched a wire in your life before. When you're done, you'll have an arcade stick much better than an Xarcade IMHO. You can also build one for about the same price, if not cheaper.
If, however, you really can't find a free couple of hours, they aren't that bad. Just don't use "better" arcade controls after getting one or you will likely notice a difference and be upset.