@Dizzle: Awesome, thanks for the info.  Like you, I'm planning on using this for vs. fighters primarily (SSF4, Tekken6, MvC2/3, MK9 etc.)  
Are you using an IPAC2, or an IPAC4 with the adapter?  I'm pretty sure it won't make much of a difference functionally, but it would be nice to know ahead of time...