I have this controller. The stick is indeed built with microswitches. But yes, the build quality feels extremely cheap. I'm afraid if I play with it, it'll just suddenly stop working. At this price it's great, but there's going to be a little of a learning curve if you're transitioning from dpad. If you really wanted the "best" microswitch controller, you would have to get the Neo Geo Pad USB for the PS3 which was released only in Japan.
Also, for fighting games, the button layout is a little funky:
[ ] /\ L1
X O R1
With L2 and R2 on the shoulders.
Though I'd say the controller is much more ergonomic than the Neo Geo Pad USB. Also, I prefer the buttons as they're not muddy, as they feel clicky and less like a membrane contact.
The cord on the controller is really long, but guage is fairly thin. My controller still works, but I'm mainly a stick person.
tl;dr $19.99 is a great price for this controller if you're not willing to pay for importing fees for a Neo Geo Pad USB. It's not bad if you want to try out the microswitch method.