I bought the Happ 49 way joystick. The joystick is comfortable and is a good length, but it is not as responsive as I would like, particularly re-centering. Not a big deal if you're playing NES rpgs like I am, but I've noticed it performs poorly on fighters and other games where fast reactions are important.
The Groovy Game Gear upgrade grommet improved the feel tremendously, but it is still not perfect. If you still decide to go with the 49 ways, I would recommend the GP Wiz49 MAX control interface. It made the set up an absolute breeze. Randy T has mentioned on his site for a long time that he's working on an alternate offering for the 49 way, but I haven't seen mention of an actual product for sale yet.
In the meantime, if I had to buy sticks again, I would probably check out the U360. That seems to be pretty favorably reviewed by most members of this board, and it eliminates the need for a 4-way, I think.