Ok, FALSE ALARM on my comments with the sixaxis.
At lunch today I plugged in the Elecom adapter and a PS2 dualshock to try it out and I was pulling off moves and combos consistently just like using a stick. Yesterday I could not for the life of me pull off Akira's double palm D,B,F+P with the sixaxis, yet with the stick I don't even have to think about it. But with a PS2 dual shock I was doing it 100% of the time and doing my little easy/simple test combo of B,F+P -> D+P -> D,B,F+P with consistency and the game was pretty fun even using a standard dualshock.
So wondering what could be the big difference between the PS2 DS and the PS3 Sixaxis, I pulled the PS2 pad out and turned on the Sixaxis and suddenly (as opposed to yesterday) I was pulling off the double palm pretty consistently and it was pretty fun and the only difference I noticed was that about 50% of the time when I did the above combo I would end up doing a single palm of D,F+P instead of the D,B,F+P double palm.
My conclusion is that I was just really rusty after not having played VF in a LONG TIME (I dunno, 6-12 months after Evo?) and that's why I couldn't do anything with the Sixaxis, but after 5-6 hours of playing with a stick last night I'm back to normal and the Sixaxis generally works fine.
The main problem with the Sixaxis IMO is that HCF/HCB movements are a lot harder than they should be, especially when you have a small window to do them in. For example doing Wolf's B, DF+P -> HCF+P+G is REALLY HARD with a Sixaxis. But just doing HCF+P+G is not an issue with Sixaxis when you have all the time you need. It's just hard going from DF -> HCF on the d-pad. I think the PS2 dualshock is a little better for this, hence how I was pulling double palms with the DS and only single ones with PS3. The PS3 d-pad parts stick out more and it's harder to roll across them. Also because the L2/R2 are super sensitive and pull off moves even if you only brush your finger over them, I think those with the Elecom adapters & no sticks, would do better using PS2 pads. Still the Sixaxis seems generally fine. I'm sure casual players will have no problem just using the Sixaxis.