I wish it was possible to play on a keyboard. Then 150$ wouldn't have needed to be spent on a hitbox. I got so mad when I plugged my keyboard in to my PS3, and it worked for typing, but the game wouldn't let me bind any of its keys.
Anyway, now I have a hitbox which is very similar, so it's all good now I suppose.
Speaking of getting advantages based on the input device you use, the hitbox gives you an almost unfair advantage in Soul Calibur 5. I'm not sure about BlazBlue because I'm new at it, and I know this is a bit off topic (wrong game) but it's still somewhat on topic and interesting, since it deals with input devices:
If you have a hitbox, you can side step while inputting a super, because you have multiple directional buttons, so you can hold 2 and press 3 twice. It will count as 2323, while still letting you step. Talk about option selecting, lol. This is impossible to do with any other input device. You can also hold guard (since guard is a button in that game) while inputting long command grabs. You can technically do that on a stick as well, because of the buttons, but it's not as good without multiple directional buttons because you can't keep as many options " in the bag " at the same time.
I wonder if BlazBlue has anything like this for hitboxes. I don't really hope so because it's unfair. It'll be interesting to find out.
Another huge pro for the hitbox in all games is that you won't ever get the wrong directional input. You just press a button, and you get that input. Period. Simple as that. On a pad you might get something you don't want. As you get better, it happens less and less, but there's still a small risk of you dropping a combo or doing the wrong move and getting punished, and losing a game because of it. With the hitbox, there is no such risk.
Sorry for being a little off topic, but since pros and cons were listed for pads and sticks, I felt like adding some for the hitbox. =)
The reason I talked about Soul Calibur V is that it was my first fighting game, and so the only one I can use for examples, and I got somewhat decent at it before I realized I would like BlazBlue / Guilty Gear better and switched.