Works PERFECTLY with Saturn PS2 Pad
There is NO lag at all. Can pull off fireball in the air on first try. This is the BEST converter I've tried in fighting games with the Saturn Pad.

No title
Works perfectly with my offical white PSone DualShock pads.

Best used with original Dual Shock.
My mileage out of this converter has varied with the controllers I've used for it. The PS2's Dual Shock 2 works, but you'll often have to press the buttons extra hard to register a press. This would probably be considered tolerable to most, but I found it to be unsatisfactory. Next, the PS1's original, non-analog controller was virtually worthless due to the massive amount of lag. Even the most desperate wouldn't use that pad.

Finally, I tracked down a Dual Shock 1 for the original Playstation and discovered that it's the best possible controller you could ever hope to use with this adapter; it's wonderful. No lag, and no problems so far.

Great for Fighting Games
I bought this converter to play Street Fighter III: Third Strike on XBL. I was worried about the lag I was reading about, but couldn't find a recommeded converter, so I gave it a shot. Turns out the IS NO NOTICEABLE LAG. There is however, a kind of incompatibility with the analog buttons on the dual shock, whereas on your PS2, maybe 25% pressure will register as a button press, on the XJoy, it take 100% pressure to register as a hit. This can be percieved as a lag, but it's not. I also have a PS2 HORI stick with digital buttons I use now and it is PERFECT. Great price. Vibration support with an external 9V adapter (maybe fix the analog 'lag') HIGHLY RECOMMENDED.

I Like it
i use for it for capcom vs snk 2 and pro evo 4 on xbox live. best used with a ps2 dualshock pad not a ps1 pad with no analogue sticks as the repsonse is a tad slower
all in all perfect for fighting games