Announced at an event in Japan, the stick features splash artwork of a bunch of UMVC3 characters, and will be released in Japan on November 17. The PS3 version will sell for ¥13,800, with the Xbox version costing ¥2,000 more.
Both the Hori RAP V series and the Mad Catz Tournament Edition S sticks feature genuine Sanwa internals, so the choice of whether to import one of these or a Mad Catz stick is basically personal. Do you want the lighter Hori stick, with a panel made to closely resemble a Vewlix arcade cabinet, or the more easily moddable FightStick? If that's too fiddly a distinction, of course there's always the distinction of "which stick looks nicer to you."