I own it. I actually love having the pointer on the controller, seems very natural and fluid. It's actually very nice for games like the Bit.Trip series. I actually got it for Xenoblade because I was tired of being tied to the Wii Remote. It's a very nice controller for that game... at first. For some reason, even though the d-pad looks just like a Nintendo one, it's very shitty. It clicks and responds just fine, but it EXTREMELY easy for the game to confuse a side-press for an up or down press. In a game like Xenoblade when you'll be pressing left or right quite a bit in gameplay, it's a horrible controller. For a FPS like The Conduit or Goldeneye 007, or for NSMB U, it's prefectly fine.
I've never used it for Virtual Console games, so I can't help you out there.
EDIT: I used "actually" way too much, I apologize.