I have one of those too, it's my first joystick in a very long time. I bought it as B-grade stock suspecting it had failed because many reviews online point out how flimsy it can be.
I cracked it open, refreshed most of the solder joints I could get to, changed a lot of the seriously flimsy wires for kynar solid-core wires (the ones used for PCB patching and wire-wrap) and cleaned the stick contacts. Those are a definite source of trouble. The less you remove the stick the better, methinks.
It's been working fine since PB was released, and Cthulhu knows I've mistreated it in my frustration.
I find it's not a bad stick (considering mine was a complete bargain). You can supplement it with a gaming keypad, perhaps.
My biggest issue is the need for a reversing toggle as there's no halfway detent on the trottle. It's cost me far too much money in insurance.
Update: I also use UJR to modify the response curves for pitch, roll and yaw. This improved dogfighting performance a lot.