I actually like the Flashback 2 better than the first Flashback. I own the flashback 2, and still use it quite often.
Got it for like 300 pesos from wal-mart like 4 years ago or so.
Good system, in my opinion. The joysticks are pretty cool. The old ones would sort of fall apart, the "rubbery" part would become dislodged and fall off the actual plastic stick.
These have a screw, and you can actually unscrew the stick on them. Also, they work wonders on the original hardware. I use them there, too.