I have a 2 player arcade cab with an IPAC2 (I don't have LEDBlinky) and a modified 2 player XArcade joystick with x2 zero delay boards instead of the stock board. I can say I prefer the IPAC2 purely for the flexibility of the customisation.
You can program them to be read as DInput, XInput, or keyboard, and you can reconfigure the buttons to be whatever you want (e,g, triggers, the xbox home button, a direction of one of the 2 analog sticks, etc)
The IPAC has also more buttons per player, and on top of that, each button can have 2 configurations (1 standard and 1 shifted - you pick what the shift button is), which I found super handy when you need some extra special case buttons in some emulators. - Great for an arcade cab, not that useful if you have a PC with a keyboard in front of you
The wiring is not difficult but probably not as simple as the zero delay that come with their own connectors. I have seen places that sell the pre crimped wiring for them though if you hate doing that stuff yourself
Programming the buttons was pretty straight forward in my opinion. You download an app that lets you reprogram the buttons via a user interface - I thought it was very intuitive.
I guess what I am saying is that I would get the IPAC2, plus the LEDBlinky would make it even cooler :), but it depends on your budget/use case.