I just got the Hori RAP4 Kai for Christmas,
Here's what I can confirm:
It's a very good, solid stick. Very responsive, very sensitive. I like the size and weight.
The buttons are just fine and quite sensitive with very little throw, I don't feel compelled to replace them anytime soon.
Nice build quality outside of the cord bay door, though the cord bay is very spacious and the cord is a good length.
The Kai DOES have a touch pad as well as a turbo switch and the ps4/ps3 toggle, share button, home button, etc.
The Options button placement was a concern before I used it, but it's actually a godsend. It's incredibly convenient yet also pretty darn hard to hit accidentally. If that is still a concern, there's also a switch to disable it.
Huge rubber pads cover most of the bottom.
Overhanging plastic on the sides prevents the side buttons from being pressed accidentally while also doubling as convenient carrying handles.
Overall a slick, comfortable, fully-featured stick with tournament-standard resposiveness. I've read the buttons are pretty easy to swap if nothing else, but again, the Kuros seem just fine to me. I know it's all preference.
This is a great stick for $150 (or less if you see a deal) and absolutely the best for sub $200, I'm sure. I would even wager it'll be just as good as MadCatz upcoming SFV sticks despite being cheaper.
There is one small caveat that will affect some people. but there is a pretty easy work around for party chat. Basically, there's no headphones jack. If you are using a dedicated wireless or usb headset then this won't matter, but it you are used to using the headphones jack on the DS4 for your mic then you won't be able to talk to randos in lobbies. However, if you just want to party chat simply log in on a DS4 under a different profile and join your friends' party, then switch back over to the profile you're using the stick under and you can talk with your buddies.