The arcade stick is very small so it might slide around on your lap while playing. The parts used feel of decent quality, and a square gate is used (the same one in Street Fighter 4 cabinets). While it is wireless, lag will not be a problem. It is nice for playing fighters like Tekken and Street Fighter or even arcade classics like Pacman.
However to get the most out of an "arcade stick experience", you're probably better off getting a "tournament edition" stick, which is a lot bigger, and sturdier.
I would recommend this stick to anyone tired of using a gamepad who wants to try out how a stick feels without shedding over $100. But people who intend on competing in tournaments using a stick, will eventually end up getting a TE (and wireless controllers are banned in tournaments).