I bought this item in mid-December 2010 and so far its been working fine. It may be because I don't use it too often. I use it only for Street Fighter IV on my PC and all the controls seem to work fine.
I only have one controller so I haven't tested simultaneous play with two controllers.
I had a minor problem having the vibration and analog stick to work on my ps2 controller. I searched all over the net to find other drivers since I heard the CD, which comes with the adapter, has spyware. But I couldn't get it to work so I just installed the drivers from the CD. My anti-spyware software didn't find anything on the CD so I think they cleaned up the CD. Now I am able to use vibration and analog stick control.^_^
Overall I think its worth the price.
I run Windows 7 64 bit.
Like many gamers, I owned a Playstation 2 growing up, and I loved it dearly. The games were great and the controllers were well built. However, now that I'm a bit older and games have moved on into the realm of PC, I found myself lost without a sturdy controller in which to play games with. That was, until I found out about the USB to PS converter. I had heard of this product from a friend, and decided to buy one (It was only $5, what was I to lose?) and when it arrived I brought it to said friends house to try it out. We decided to try it out with a few games and were blown away by how well this handles the input! We tried it with 1 controller in, and after configuring the controls, started to play a game. There was NO lag and absolutely no issues with missing input. We then tried 2 controllers and had the exact same response; It could handle input from 2 different controllers at once with no issues. Suffice to say, I was very happy I had bought one. This product also has a selector switch on it that lets you choose between using it as a game controller and a USB extension, which is handy if you don't want to remove the device but still need access to a USB port. A few things need to be said however. This device has a very bright LED on it and a short cable (the cable length usually won't be an issue however, since PS2 controllers have a decent length of cable on them) All in all, a high quality device for a very low price. It comes with a driver disc so if you happen to be on an older operating system that doesn't support Plug & Play devices, you can still use it. I highly recommend this device to any gamers who value quality and ease of use from their devices.