Retroblast reviewed it earlier this month and they didn't care for it too much: http://www.retroblast.com/reviews/madcatz.htm
Just read the RetroBlast review. It's nice to read a review of "one of our own". While I can understand why, most reviews of products like this or the plug-in-plays are too biased being sentimental and happy to play on something even remotely resembling the original controls.
That's pretty much everything I expected out of it. I don't have really high hopes for any MadCatz controller. I worked the service desk at Toys R Us for 4 years in the mid-to-late 90's, and returned a LOT of the TRU "High-Frequency" controllers which were made by MadCatz. Their pads have improved drastically over the years, but most everything they do is just a watered-down cheap imitation of an official controller. There have been a few exceptions (MicroCons aren't bad and the RetroCons were pretty cool), but their bread and butter seems to be copying an official controller and adding Turbo. One of the reviews on gamestop's product listing says that he snapped the stick off. That's kind of scary. I was also a bit disappointed that the "spinner" just hits the d-pad directions repeatedly, but I'm sure that's better than playing Tempest with a keyboard.
I'm also just impressed that a product like this actually made it to market. It seems like it would be able to cover enough controls that it might be good to use at my PC to try out new games. At least once the price comes down. These things are definitely destined for the clearance bins.