It was only a few weeks ago that I didn't understand the big deal with regard to 4 ways either. But once I heard the explanation, it made sense. And last night when my kids and I were playing pac man using an 8 way, I experienced it first hand. It kept frustrating us because it wouldn't do what it "should" do as you go from right to up, which naturally takes you through the up/right diagonal point. You'd expect it to go up, yet it wouldn't. So now I understand from personal experience.
Check out the ultimarc mag stik plus. I'm going to get one the moment I land my next job. It is a "switchable" 4 way/8 way. With this particular one switching between 4 way and 8 way is trivial - pull up on the joystick and rotate one way or the other.
I almost don't even want to play the 4 way games (which are some of my favorites) until I get the joystick. You'd be better off using a keyboard to play those games!