If you plan on playing multiple games, for example, Excitebike, Joust... You defintly will want to have a 4 way control. It is true what everyone says about the 8-way versus the 4-way! When using a 8 way control playing Ms. Pacman, I find that sometimes the input the encoder detects is a Diagonal. This is a drag, espically if you have a good game going and the wrong signal is sent to the encoder.
You can program multiple buttons to have the same effect. If you load Mame, simply click on TAB key! This will allow you to configure all the buttons, frame skip....
I went with a KE72 Encoder! I have a simular setup to yours! 3 joysticks, Roller Ball, 6 buttons per player. Unlike the IPAC, you have 72 indivudal inputs. Witch can be set up with any keystroke on your keyboard. I would reccomend that if you go with a KE72, purchase a IOX36 Breakout Board. This will allow you to hook up the wires fairly simple. One of the many reasons I went with a ke72 encoder is that I liked the fact that you can hook up a stadard 40 pin connector. This connection not only allows you a firm fit, but you can also add a 25 pin Dsub connector. This will allow you to remove, or add another control panel. Since there is 2 36 pins inputs, you can setup all you controls to run off the first set of pins. And as for the 2 set, you can connect all of you Misc. buttons" Pause,Tab,Volume, Player 1, Continue....."
In your case, you will want to use the KE72-T. I might add that there is a difference in price. But I personally believe that the KE72 Encoder is the way to go
I haven't had a chance to work with the USB Encoder, sorry.
Hope this helps.