I have that stick for my 360 and I love it. Great quality, really good action, and a bargain for $3.
To be honest I don't consider it to be the greatest quality. In fact, considering its a Hori stick, I'm surprised at how cheap the buttons themselves feel, and I am considering replacing them. It'll do fine for some casual Mame play, but there is no way I'd try using this stick in some sort of competition play. Maybe I am being critical, but I simply expected better from Hori. Even their older Gamecube Soul Calibur stick felt better then this one. But yeah, for being a $5 project, it worked out well.
I agree with you prof, i had that stick a while back and while it got the job done, everything just felt cheap.
in particular, the buttons felt like they were made of the crappiest plastic money could buy.
that said, I'd recommend popping in new buttons, and a joystick if you feel like it.
and again, i'll plug the Cthulu MC board, that thing is awesome, and with a little work, it'll work on just about everything you want.