I haven't used it myself, but from what I hear the stick is comparable to the HRAP 3. I mean, it's a Hori stick so one should expect high quality. Compared to the SFIV TE stick, the Hori HRAP EX is a bit lacking. It doesn't have authentic arcade cabinet buttons and it lacks a turbo switch - both of which the SFIV TE has. On top of all that, the HRAP EX is only $20 cheaper than the SFIV TE (and the TE is a limited edition).
If you're desperate for a good fight stick and you don't care about Turbo switch functionality or authentic buttons (something you can easily mod yourself), this stick is fine.
Honestly, at that price, I'd say wait for the SFIV TE stick to be made available again or get a cheaper stick.
Btw, Hori did make a version of the HRAP EX with authentic arcade parts, it's called the HRAP EX SE and it's pricey: