I've just ordered 2 of these and they work like they should be. I first tried to play with my PS3 some old PS1 classics and at first i was disappointed that i wasn't working. Although i found a solution; Somehow when playing PS1 games, you have to name your controller like contoller1=1Player, controller 3=2Player, controller 5=3Player and controller 7=4Player. After i discovered this everything worked fine. You can change yout controller ports at the game by pressing analog button from your PS2 controller. There, change the controller and they show up like 1A etc. So just go with the alphabets and then you get it how it goes. Like; 1A, 1B, 1C and 1D and there you have it, fours players playing old classics!
Then i tried to play PS3 games and they worked also without any problems.
Then i tried to play with my PC (Using Linux Ubuntu - Lucid Lynx 10.04) and it worked without any configuration! Then i just added buttons to the emulator and there you have it. All that i had to do was activate the controller by pressing 'analog' button.
In overall everything worked. Totally recommend this to anyone who has extra controllers lying on the corner!
//EDIT 20.12.2010 :
I encountered some problems when playing Crash Team Racing, bought from PSStore. Sometimes PS2 controller doesn't take commands and it's jamming for like 10-20s but then it's working again. I don't know the reason why, but obviously it was impossible to compete fair and square with others since it's jamming.
It's hard to say if the fault is in the game code or in speedlink. So that's why i drop review to 3 stars.