if you have the room for a dedicated 4 way stick and don't mind the extra clutter, than definitely install a dedicated 4 way stick.
i had a dedicated 4 way stick for a while in my cabinet, but my control panel is only 12"x30", so there isn't alot of room to work with. i really wanted a trackball, and it just seemed too crowded to try get fit everything and still have it be comfortable to play. also, i found that i was the only person who ever used the 4way stick, because nobody knew what it was for..or which games required a 4 way stick.
so i figured i could either go with mag sticks or u360s. people seem to complain about the throw on the magstiks..and i figured they would suffer the same fate...nobody would know which way to switch the stick, so it would just be pointless.
i ended up buying the u360s and i couldn't be happier. they work great in 8 and 4 way mode. yeah, they may not be as good as a dedicated 4way, but the nice thing is, they are easy. people just walk up and can instantly play any game without having to worry if they have the right stick, or if it is in the right mode...it just works. plus, my control panel is nice and clean looking because in only have 2 sticks and a trackball...no extra clutter.
they are however quite expensive, but i feel that they are well worth the money.