Pros:
-Good build quality
-Good price
-Tons of buttons for emulators.
-Can do both PSX/SNES and Genesis/Saturn games in native layouts.
Cons:
-Crowded layout
-No analog triggers
-No Xinput

I grabbed this because I got one of iBuffalo's Super Famicom controllers (Buffalo Classic USB Gamepad for PC) last year and loved it. Here's my first impressions from this one.

Physically, it's only slightly smaller than a Dualshock 4 controller, but it feels significantly smaller in your hands. The build quality is great. It's lighter than the DS4 (probably owing to the lack of battery), but there's no flex or creaking when you hold it. The entire non-button surface of the controller is rubberized. It feels strange--especially when the pad is cold--but it's easy enough to get used to. I imagine people who suffer from sweaty hands would have an easier time gripping this than many others. Speaking of grip, the indents in the back make it feel very natural to hold if you only have your index fingers on the shoulder buttons,but it feels a little bit awkward if you prefer to have both index and middle fingers on the controller's shoulders.

The D-Pad is nice; it has a little bit more diagonal bias than a Dualshock 4 or the iBuffalo Super Famicom controller, but it's manageable. I'd prefer it be a little bit larger, but i can still hold cardinals and move left to right without a sweep, which puts this miles ahead of most third party controllers. The analog sticks are stiffer than the Dualshock 4 or Xbox 360 controllers, but they have a pleasant springiness to them and the push-buttons aren't too sensitive. They also have a noticeable cardinal bias; that is if you move one of them upwards, you'll have to move it more to the side than you'd expect before it begins to register a diagonal. This is nice in some games, but in ones that already do this through software it's distracting. Additionally, the analog sticks both map to a square, so there's a bit of a dead zone near the top of each of the cardinals.

As far as the buttons, there's a lot of them; you get four more than an Xbox 360 controller. In addition to the six face buttons, the analog sticks do have L3 and R3 buttons, and there is what works out to be a second select and start button. (The Macro, Turbo and Mode buttons have their features implemented entirely through hardware, so they aren't remappable).

The face buttons feel rather cramped, you have six buttons in an area barely larger than what the DS4 puts four in. They are noticeably stiffer than those of the iBuffalo SNES controller (which was my chief complaint about that). This does mean that the narrow space is less of an issue; I'm able to hit diagonals (such as X-B and Z-B) without much trouble. The stiffness is enough to make button mashing without using a claw grip a lot harder. (Though there's hardware turbo to compensate I suppose!).

The shoulder buttons are significantly softer than the face buttons, however they have an odd tilt to them--you have to press them on the middle to the inside edge, and they tilt inward a bit. It feels stranger on L2 and R2, which look like they should tilt backward as on PS2 and 3 controllers, but they tilt inwards. It's also worth noting that L2 and R2 are not analog, which makes this controller not so great for racing games. (I can't recall anything else I've ever played that I'd need that for though!)

The crowding is the worst when it comes to the control button area though; The select and start buttons are tiny, and it's hard to hit the top select and start buttons without getting the bottom ones as well, so be cautious about mapping those to emulator control functions. The Mode toggle switches between Analog Sticks on X-Y and RX-RY with the D-Pad on hat switch, and D-Pad on X-Y with analog sticks disabled. It will light up red or green to indicate the mode. The turbo button will also light up when a button is auto-firing.

It's a Japanese import, so there are unfortunately no international instructions. Because of this I haven't been able to test out the Macro functionality, however the Turbo is pretty simple. Hold down the turbo button, and then any other button you press will have its repeat toggled. Fortunately, the Windows-only driver installation is in your system language (Despite the box noting it only supports Japanese OSes) though if you don't want rumble, you don't need to install them--they don't provide profiling support or any other advanced features. It's worth noting that the drivers also don't provide any Xinput emulation. If you want to play a newer Xbox-controller-only with this you'll need to look to x360ce or a similar solution.

Additionally, the rumble is surprisingly intense for a light controller like this, it easily matches the 360's controller in that department. If that's too much for you, however, the drivers do have an option to disable it.