First off I bought this and never got it. So I went to GameXchange and bought two, one for the PS3 (Ken) and one for the 360 (Ryu) so I could play at home or at a friend's when I come over. I then bought a joystick that I am now accustomed to. When I bought the pads I liked them better then the traditional PS3 and 360 pads. The lessened the pain of using the d-pad, but didn't eliminate it all together.
The buttons are positioned nicely. The L1 is still a little hard for me to hit when I need it, but otherwise no problem there. As for problems with the controller, as many people talk about, I haven't noticed too many. Last time I played with the Ryu controller I noticed when I walked to my opponent I took more then just a step when I tapped forward. This only happened a few times though. With the Ken controller one button acted strange once. I turned the controller off and then back on and nothing went wrong after that. If this is a prelude to worse things to come I can't say. Since I have my joystick now I can't go back to these for fighting games. But if that's the worst that will happen with them then I guess I was lucky.