I'm using one of
these (affiliate link), and it works very well. Analog sticks, rumble, you name it, it's supported. You can only set up two buttons to work in analogue, pressure sensitive mode, but that's the only limitation I've found that wasn't mentioned on the linked page. Rumble did crash ePSXe for me once, though that seems to be a fault on ePSXe's part, since other games work just fine.
What you're looking at seems to be a clone of that, so it shouldn't be a terrible choice. I can't make accurate guesses on what the exact quality difference (if any) would be between that and the original, though.
As said before, the only difference you
could see between 1.1 and 2.0 would be lesser responsiveness, in case the data transfer rate wasn't enough in case of 1.1 (or even 1.0) already.
A quick calculation: assuming 4 bytes for one coordinate (enough to represent 4 billion values, so it's unlikely you'd have something more precise than that on your hands), the 192 kB/s transfer rate of USB 1.0 allows for 49152 such values to be sent per second. Assuming 100 updates a second, that's still 491 coordinates each update. A quick conversion would also tell you that translates into 15728 binary values, as would be the case for digital buttons with only states of pressed/unpressed.
You aren't going to connect anything having 500 analog axes or 16000 buttons to it, I believe. If you
are, consider upgrading to 1.1, having eight times the speed.