Yup, for use with this beast of a thing:
Here's the game list from
Sega Retro:
Mega Drive:
-After Burner II
-Ayrton Senna's Super Monaco GP II
-Fastest 1
-Galaxy Force II
-Musha Aleste: Full Metal Fighter Ellinor
Mega-CD:
-After Burner III
-Night Striker
-Star Blade
32X:
-After Burner Complete
-Space Harrier
There's also a thread about it here somewhere.
On the subject of the hybrid controller, it sounds cool on paper, but it kind of looks like crap. I would've expected the style to be somewhere between the two original controllers, not shaped like an Xbox controller or something.