This has been discussed before. To rehash:
u360
pros:
arcade quality joystick, in ball or bat models, with different restrictors and springs
can remap as needed for different games, emulators, or applications
different sticks can have different maps at the same time
made for mounting on CPs
translation done within internal firmware, with 14 bit internal analog
cons:
only works on u360
more expensive than cheap analog sticks
no thumb or trigger buttons
no flightstick, throttle, or other shapes
need to set up special plug-ins to automatically switch
need to mount on CP
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PC analog stick + mame's -joystick_map option
pros:
works with any analog joystick that works on the PC (wide selection of shape & features)
automatic defaults already setup for all games in mame
no plug in, or plugin ready FE, or even FE, are needed
cons:
only works in mame
only one map can be used at a time, all analog joysticks get that map
applying non-default maps is on game by game basis
most are hard to mount on CP
Did u360 "lose thunder"? Well, very little, about from 120 dB down to 118 dB, but mostly in the high pitch, and the midrange actually increased a little. (Lost "only stick to switch between analog, 8-way 4-way 4-way diag", gained "easier to set up".)
Me, I have u360s, but use mame's -joystick_map.