and it works pretty well with my saturn pad. Tried it with a ps2 pad a while ago; alright for digital input but the analogue sticks work like shite. I haven't tried a ps2 arcade stick with it though (the dc one works fine, but you can only use four buttons), I keep on hearing stories that some controllers don't work with some usb converters, but I doubt an arcade stick would pose the magic box much trouble.
If money's no object, get this (available at lik-sang).
On another point, has anyone had any experience with using a hori soul calibur 2 gamecube stick with any gamecube converters? I can't believe I bought that.