If you're looking for something you can find locally I'd recommend the Pelican Real Arcade. Kinda pricey at about $40 for the console specific version and $60 for the universal one.
Anything else you can find at you're local Gamestop or Bestbuy for under $20 won't cut it. Trust me I've gone through them all until this one came out. The cheap plasitc ones are either too cramped or the buttons and joystick don't have the right feel. If you can find a Namco one (special editions released for Soul Calibur 2/3, Tekken, 2, 3, tag, 4 and 5) you should grab one. My only dislike about them is that they have the "ball" type stick and not the familiar "bat" type. I've owned the Tekken 2 one and it was fairly nice. I didn't like the way it felt for Street Fighter type games but it was really good for 3d fighters.
As for the Pelican Real arcade it's constructed of a large wood base that has an good arcade feel (has that same textured plastic coating). The joystick and buttons have a good feel as they seem to be constructed out of arcade components as well. The base is quite large (about the size of a large shoebox) and has the perfect balance of weight. It's heavy enough to not move around on your lap but not so heavy as to kill your legs. Only complaint so far are it's size for storage (a plus for gameplay but sucks when you try to pack it away), the joystick is quite springy so when you release it too quickly it has a tendency to "tap" the opposing direction (ie. you're ducking in tekken 5 and you want you release down to do a rising uppercut sometimes causes you to do the jumping fist to the ground thingy instead), I've also noticed recently that the buttons can sometimes be jammed in the down position - not from general play but if you lay something on it(or have a 2 year old daughter that likes to walk on it) for a while they get stuck and you have wedge them out with a pin. The stick does have a lifetime warranty however but I'd be a little wary of shipping it off for repairs due to it's size and weight. Overall a good controller if you don't want to pay $100 for online models or more for custom controllers.
If you're good with your hands you can try building your own arcade stick. Just browse the web for arcade parts and get the amount of sticks and buttons that you need. Should run about $5-10 for the stick and $1-2 for each button. Build some sort of box and mount the sticks and buttons. Then simply tear apart an old PS2 controller (or buy a dirt cheap third party controller) and solder the wires to the controller's circuit. Throw everything into the base, close it up, run the controller connector out and you're done. But after about $20 in electrical parts, $5-10 in wood/plastic for the base, paint, time and labor etc you'll eventually hit that $50 mark anyways.