I like it pretty well. I got some used midway 49-way sticks off of ebay and have them in one cab, and some of the new Happs ones in the another cab. I like the older sticks considerably more (personal preference; they are stiffer than the new ones. I think a lot of people wouldn't feel this way.) Also, you NEED the replacement grommet Randy sells for the Happs sticks, they work very poorly without it.
The GPWIZ-49 works fine with an IPAC. I don't think you need one, but I had an extra (IPAC) and ended up using it (I like the 'shift' function better on the IPAC.) Either way, no problem.
There are a few games that I have trouble playing. Q-bert and frogger come to mind. For the most part though, I think the electronic restriction works very well.
Hope that helps.