+1 to Javeryh
My fondest arcade memories were those of playing arcade games with friends. Most of the games I played were 8 way games and most of the times it was with friends, so my ideal cabinet is one with 8 ways that I can play with friends.
I am a minimalist. My CP has 7 buttons per player arranged like this
xxx
xxxx
That way I have the street fighter layout, and the neo-geo layout. The extra buton is also where the Run button would be for Mortal Kombat 3
Then I have P1 and P2 start and Exit and Select. Select is to pick games, and I don't really need it.
I went LED to lights so that only the buttons used for that game light up.
I think the gut reaction is I want to play everything! But really, a good CP is about compromise. Unless you want to constantly have to explain to people over and over what to do, I think you should make it intuitive, easy to use and more or less idiot proof. The coolness of being able to play every single game is quickly overcome by the intimidation and frustration of an overly complex CP to the outside observer.
I don't have a dedicated 4 way because its not worth it to me have the extra buttons and stuff, and yeah it would probably make pacman more fun, but if I wanted to play a bunch of 4 way games, I would just make a 4 way classics cab. I have never seen a CP with a dedicated 4 way that I thought looked right. The way is always in a sub-optimal out of the way place for gaming. But Hey, I am not telling what to do. If that is what you want, go for it, just think about if you really need it and would use it.
I don't have a trackball on my cab. I bought a trackball, but before I installed it I went through MAME and played the trackball games and thought to myself if it was really worth it to install the trackball for maybe 1 or 2 games that I would play, my answer was no, so I ditched it.
As for admin buttons, whatever you do, don't have game options and game setup as buttons. You only need to set games up once and you should do that with a keyboard. If you put a button on your control panel, people will press it. You don't want some drunk friend or a kid hitting one of those set-up buttons and have them screw around with everything. I would limit admin buttons only to things you would use on a regular basis: exit, maybe start, maybe pause