Ummon's been on about the play in the stick for a while. It's not enough to bother me.
I can't believe he made videos.... 
Hahah. After messing with Headkaze's mamejoymap utility, I've been thinking of making another vid to show how it can stick in a particular direction. The utility has a box in the lower right that shows the real-time movement of the stick, and unlike the Ultimarc utility, this one loops over when the direction is constant, thereby showing the continued direction of the stick. Like I said, it's not an issue if the large inner box is all 'center', though it is an issue in analog mode, and maybe people aren't really using it enough for that to have noticed.
Note: it seems one has to put the stick in analog mode to be able to use custom mame maps, but the default mappings in mame appear not to use the inner box, because the behavior is the same in both utilities' real-time features if the inner box is mapped a set of directions. One or two directions will stick.