The sensitivity setting has no effect if using Axis INC and Axis DEC.Sorry, but yes it does for rotary joystick games.
You can confirm it with these settings in the rotary joystick version of Ikari Warriors 3 (ikari3u):
"Input (this Game)" menu
- Positional Analog = none
- Positional Analog Dec = Mouse +
- Positional Analog Inc = Mouse -
"Analog Controls" menu
- Positional Digital Speed = 0
- Positional Sensitivity = 100 (may need to be lower with a high-res mouse/spinner)
Start a game and slowly move your mouse/spinner to see how fast you turn.
Change Positional Sensitivity to half of the previous value and move your mouse/spinner at the same speed as before -- you will turn much slower.
Scott