The Switchblade is basically a big black box, with 19 ports to which sticks, buttons, rumble packs, and other attachments can be placed in any configuration. It comes with two joysticks, but as Thrifty Nerd reports, it's possible to make a directional pad out of four buttons as well, if that works better for the owner's needs. You can also program macros for each individual port.
The Switchblade is built for Xbox 360, but adapters will be available for use on PC and PS3. There's no date yet, and no official price, but Thrifty Nerd reports that it'll be "a few hundred dollars." It's pricey, but not compared to the cost of having your own customized controller built.