Yes and no. I just ordered this same wheel (look around, you can do much better than $140 plust S&H) and the tracking shows that it should be sitting in my postal box right now -- can't wait to get home from work. There are two different types of wheels: 360 degree wheels and 270 degree wheels, of which the wheel in question is a 270 degree wheel. 360 wheels can spin and spin and spin as many time as you want while 270 wheels have two distinct stopping points (like in a real car when you've got the wheels turned all the way). Different games use different types of wheels. Spy Hunter and Cruisin use 270 degree wheels so your Logitech wheel will work great for those (the force feedback isn't supported in Mame, though). Pole Position and other racing games, especially the ones where you view the entire track in a top-down perspective like Off-Road use 360 degree wheels for which you need a 360 degree wheel or a spinner (or a mouse/trackball for a crappy, but somewhat playable experience).
Hope this helps.