If you get a hotrod, you're going to have to mod it, unless you only want to use it in MAME.
First, the hotrod is ps/2 only. Not all motherboards come with PS/2 ports now (a lot still do though).
This is going to be an issue as time goes on.
Second, Hotrod uses Happ "Super" style joysticks with the leaf (lever?) switches instead of microswitches (I think xarcade uses those by default too tho u can request a change); you will definitely want to get rid of those Supers and get some IL Euro comp joysticks in there (the exact same thing Happ sold years ago as Competitions, before fubaring them by making their own).
(correction: you can just buy these:
http://www.amusementdistributors.com/parts/CAT_Switch.html ) to swap the lever switches for cherries. This still isn't as good as a real Euro IL stick, though).
Third: I don't think the hotrod is programmable, so you will need an encoder if the alt/shift/control/space keys give you problems in a non MAME game. But a USB "game controller" aware encoder is expensive because you will need two of them--one for each stick, so something like a Chutulu (or however you spell it) will cost like $70.
But if it's MAME only, swap out the joysticks, and make sure you're happy with PS/2 and you're fine.
I'm just not a heavy fan of the default key configuration.