i've owned one, worst $149 i ever spent.
the lag is caused by the converters it comes with to work on console games, when it goes from PC to DC or PS2 or etc. if youre using it solely on your PC, they you wont experience any lag.
its overly expensive as a stick with cloned parts: the stick is a cloned Ultimate Stick, and cloned Happ buttons. They're just "okay" but like i said before, overpriced for non-genuine parts.
if you really wanted american style sticks, i'd trust
http://www.massystems.com/ProStick.htmlif you want to go japanese stick route: Hori Real Arcade Pro series, Madcatz TE. Id even recommend the new 2nd batch Madcatz SE sticks.