The Elecom JC-PS201U USB converter enables both digital and analog enabled controllers/arcade sticks to be used on the PLAYSTATION 3 console. After hours of testing, it is noticeable that there are some slight lag issues when being played on Tekken 5: Dark Resurrection and Virtua Fighter 5.
This should not deter you from purchasing an Elecom converter as they are very good for the most part. Unlike the JC-PS101U model, this one DOES work with Virtua Fighter 5. Sadly it does not work with PS2 games on the PLAYSTATION 3.
Links:
SDTEKKEN.COM - TEKKEN News Resource! 
Actually the 201 does work on PS2 games now after the 1.7 update.
Yea, we know. :P
Just haven’t updated the converter section as much lately… in other words everything else