Seimitsu unveiled it's new LS-38-02 joystick at JAEPO 2015 in February, but they literally only had 1 unit, which was their prototype displayed at the show.  

Using the LS-32-02 pcb, they tightened up the springs to increase the resistance over all of their current fight sticks.  Like any other joystick, the feel is a personal preference and while Sanwa Denshi's JLF will suit some, the LS-38-01 will suit others.

This model is the PCB version for easy, drop in replacements for mass produced Japanese style cases.

A little history:

Seimitsu has been around in Japanese arcades for a long time. Seimitsu's LS-32 series was a staple during the mass arcade penetration of one of the most popular fighting game series of all time, Street Fighter 2. Japanese arcades such as Nagase UFO had an amazing Street Figther 2 scene back in the day, and quite a few grand masters learned the way of the Street Fighter there on LS-32's. The Street Fighter 2 cabinet came stock with a LS-32 installed. When you ask old school Japanese Street Figther 2 players what stick they want to play on, they'll answer LS-32. Even as recently as EVO2014, Seimitsu's LS-32 was used in a custom, portable sit down arcade control solution so that traveling Japanese Super Street Fighter 2 Turbo competitors could feel at home playing the game on the main stage during the final top 8.

Street Fighter 2 took the world by storm, and when it took Japan, the LS-32 was there.

So, how does it feel?

It feels just about any way you want it to! Seimitsu's LS-32 is a feature rich lever with configurations for 2, 4, and 8 way play. It fits ball tops, and with an adapter, bat tops, giving you many ways to control the way you play your games.

LS-32-01 is fast and responsive. It doesn't have the tension iL's Eurojoystick has, but doesn't have as soft a spring or feel as Sanwa's JLF. The microswitches are levered for precise diagonal inputs and fast cardinal inputs.