Oh man, I want this so bad. I'd snap one up right away if it didn't take a month to arrive! Check this thing out! It's little, and microswitch activated! And you could probably connect it to an encoder and make yourself the teeniest little stick ever! One that might actually be fully compatible with Android devices, unlike New Wave's Street Fighter II joystick. (grumble)
I imagine this would be pretty keen as a replacement for that crappy-ass D-pad you get with My Arcade's Namco Museum cabinet. Heck, I imagine it would be a lot of fun on a whole lot of things. Industrial joysticks are neat.