I would NOT go for that madcatz controller (That is, the small one with grips on the side). Although I generally prefer smaller controllers as well, the analog sticks are SO sensitive and make shooters terribly difficult to play. If you play any online with it in any kind of shooter you'll go from tearing up the battlefield to getting ripped apart.
Also, after extended periods of play the grips can actually make your hands sore in those areas...so the grips make the controller worse as well.
So those are really the two main gripes about the controller and the first one is by far the worst for me. If you have large hands, it will also cramp them (I have small hands but my friends have said this...)
Basically what I use it for is an extra controller if someone doesn't have a controller with them, and also I use it for some RPGs since the control stick sensitivity doesn't usually matter for those type of games and also there is a turbo button which can help sometimes (though not often since the turbo button isn't really "turbo"...more like an amateur trying to tap a button fast)
So ya, get it if: You need another controller for other people and don't really care how much they enjoy using the controller/playing online shooters with it
OR
if you just want a cheap controller for long RPG type games where you'd sooner not wear out your good first party controllers.