I have this controller and I think it's great. You're going to find a lot of people out there who have never used this thing commenting on it as well. Their comments are based solely on the looks and how "they think" it would feel.
If you're used to the X and Square set up for gas and brake, the addition of the "pedals" on the HKS are a big improvement IMO. You get much better control in this area.
The steering has a small learning curve.., but doesn't take long at all to get adjusted to it. I've spent some time messing with it to get a better understanding of the angle and so forth. It makes perfect sense too. Naturally a left to right wheel would "seem" to make more sense.., but there are two problems that arise there. One is that you will not be able to hold the controller properly if the wheel was centered in that position. Two is that a left to right wheel would have you knocking the left joystick every time you make a right turn.
As for the chord.., I honestly don't understand what all the bitching and moaning is about with a freakin chord. Again.., MANY out there who haven't even used this damn thing feel they can comment on the chord having never seen or touched the unit. They respond as if you're tethered to the PS-3 by a three foot chord. The chord is MUCH longer than the USB chord that ships with the DS3 controllers. There is NO feeling of being tethered to the console because you can easily sit a good distance away on a couch.
Now unless your house is a complete and utter chaotic mess with kids, animals, and what not running about like wild maniacs I don't see a problem with the chord.
The little display on the unit IMO is really more for show. I've yet to find a purpose for it. What I do miss is the ability to add the trigger extensions that are available for the standard DS-3 controller. If you're using the NFS configuration it's not as nice as the DS-3.