I can't add much to what's allready been said.
I don't think the cord is a problem, it really IS long enough for any kind of use. The display is, I agree, just for show. You never notice it while racing.
I'd recommend it to anyone not using a steering wheel! Racing with a DS3 controller is just taking away too much from the game. The HKS controller adds a lot of feedback and control/precision.
The feedback in steering compared to a wheel, is clearly favoring the wheel, but really fast countersteering is actually (I think) faster with the HKS - but I could be wrong, as I only occasionally use a wheel, while I have extensive practice on the HKS.
I was forced to go the HKS way, as I have no room for a wheel, but today, I think I'd prefer the HKS over a wheel. The HKS has a significant price advantage, and I'm not sure I think the wheel adds all that much more.
The HKS has one disadvantage, though: It wears out.
I'm on my second HKS now. The potentiometers get worn out, and I couldn't fix it in any way. At first, there seemed to be some lag on the throttle now and then. Then it got worse. I dicovered I could make it go away by wiggleing the speeder from side to side. It was a bit of a nuisance, but manageable. But then the steering strated "lagging", and that frequently put me off-track. I took the thing apart, but the potmeters are not serviceable, so not much I could do about it. Thank god it's cheap and available!
How many hours and how much battering did it take to wear it out? Well.... I don't know. I didn't keep a log, and my attention span is limited. But I didn't treat it well. I have to admit I have dropped it on the floor a couple of times, but I've never intentionally thrown it at anything
Do I consider this a cruzial disadvantage? No, I just bought 2 more of them, so I have one in store, when the next one fails...