Also some interesting fine print from the information page on the Fender site:
This puts a mild crimp in my guitar-challenged plans to wait for the Squier and skip the Mustang controller entirely.
The biggest problem with this will be when you're playing a mix of songs from RB1/RB2/DLC and RB3 (which will probably be often). You'll constantly need to disconnect the Fender controller and reconnect the plastic guitar controller to play the regular songs. Kind of silly, but I guess this is really a specialty item, and its intended purpose is to play guitar, not to hit five colored buttons.
The price is absolutely fair. It's a bit more than a Squier Stratocaster, but a lot of electronics have to be packed in there to make it work.
And that Midi adapter, which costs $30, has all the controller functions, so it's not surprising that you need that. It would cost a lot more (and look very tacky) to have xbox controllers built into the body of a Strat. Plus you can use it to hook into a computer (which I would absolutely plan to do) to compose music. Here's a link:
http://amzn.com/B00409SOD2
All around, I'm excited about this guitar...too bad we have to wait 4 months for it. If any of you are seriously considering dropping $150 on the Mustang, let me strongly suggest you wait for the real thing. As any guitarist can tell you (and I am one), a ~300 investment in a real guitar is going to be well worth your money. It will be far more realistic and satisfying, and obviously, if you really get into it, you'll have a real guitar you can show off your skills on.