Thrustmaster, better known for manufacturing steering wheels has recently created the Run and Drive 3 in 1 game pad (compatible for PS2, PS3 and PC). After all these years, we finally get an alternative to those analog sticks that most pads seemed to be equipped with. This new pad comes with an innovative optical wheel that acts as a mini steering wheel. There's a mode to increase the sensitivity, a must since it results in amazing precision. I've tested it with Outrun 2006: C2C on my PS2 and can't recommend it enough.
I've also tried using it on one of my Dreamcast racers via total control plus adapter. Sadly, the optical wheel doesn't work too well. Luckily though, I'm able to program all the buttons (another awesome feature) and map out the analog sticks and trigger buttons for steering, accelerating, breaking and shifting gears.