Razer wants in on the fight.

Razer is creating an Xbox 360 arcade stick. Their early design seems a welcome change to the standard closed box style that current manufacturers have embraced.

In an short interview at TGS with Engadget a Razer rep has provided the following details:  

The Razer logo on the front is a button, it opens at the press of a button.
According to the Razer rep you can mod everything in the stick and the warranty will remain valid. The exception is to the PCB, modding or changing the PCB will void the warranty. They also explained that the top plate can be changed. They have different top plates with button layouts (MK9) They also have a top plate that is clear and can be used with your own graphics. 

Now, I would love to see the following:

Cross platform support (PS3/360/PC)
Swap from standard arcade style stick to “hitbox” style.
Option to use a six button layout or eight button layout.

Razer is crowdsourcing for design input and looking for “beta testers” 
Details on applying can be found on their site:

http://www.razerzone.com/bredtofight