I have heard that some (most?) PS2-USB adapters won't work with (some?) wireless pads.
Found out yesterday that mine does

The pads are Joytech Wireless XS (low build quality - the on-off switch broke the second time it was used...

) and the adaptor is some cheapo I got off eBay.
I noticed some lag when in Digital mode, unless I was pointing the stick directly at the receiver, but Analog seemed to work fine.
My guess is it's due to the lower than expected voltage (USB's 5V vs PS2's 6.2V?)