I just bought this converter and it just came in today. I tested it with my HRAP2 and there is slight lag and dropped inputs. Anyway I’m gonna give it up for $53 shipped to anyone who wants to try it out. You can basically buy it new for $60+shipping from ebay or reseller sites so this will be saving you $10. If you play FPS games on 360 and want to use mouse/keyboard then give this a shot. Also Kyle gave a review on this converter over at the Tech Talk forum says it works with PSX PCBs. If you’re interested post here and let me know.
I played atleast 2 hours on the converter and I had dropped directional inputs and felt slight lag. Wasn’t able to do fireballs or shoryus at times. A local player from here also bought the converter to test on his T5 and he said he noticed lag.