Has anyone used an arduino as a controller PCB?

Hi, I was wondering if anyone had any experience using an arduino board for a controller PCB and I had a few question about using one.

Do they have issues with performance or input lag or are they fast enough to use in a stick (I understand that different arduino boards would have different results)? Are they frowned upon since they make it possible to program macros or simultaneous inputs?

Also, if anyone has used one, what board and setup did you use?

I plan to set it up form PC and PS3.

Thanks!