Never had any problems with the controllers.
I wouldn't say Ridge Racer sucks. It's just more of the same with some nicer graphics, so if you're into the first four games, you'll like this one as well. I recommend buying a steering wheel for it though; much more entertaining

I got the Mad Catz MC2 for Christmas. Great peripheral.
My other games are Summoner (so-so, needs tweaking), TTT (great), and Gungriffon Blaze (decent shooter, if a bit shallow). Unfortunately, Gran Turismo 3, which I preordered, has been delayed until March. That month seems to be the sweet spot for PS2 though. Tons of great games coming out that month, like The Bouncer.