Well, there's a workaround, but you lose the force feedback and you can't use both triggers simultaneously. It's possible using x360ce and upping the antideadzone to a specific value. Here's the config that works for me - ds2deadzonefix[
www.dropbox.com]. Extract this into your DS2 "Game" folder, where the main executable is.
This fix eliminates the deadzone entirely, which means that both character and camera will be moving all the time, which is annoying. That's why you have to finally force a proper deadzone with either motioninjoy, ds3tool or scp xinput wrapper, whatever you're using basically. Try a deadzone between 10 and 20 to see what you like. I don't know how to force the deadzone with the official xbox 360 controller drivers though (I'm using a DS3 via scp xinput wrapper). Btw, the deadzone setting in x360ce won't work, so don't bother. Anyway, if you did it correctly, you should have a similar feel to the first DS.
And for those wondering why DS2 has such a ♥♥♥♥ty implemented deadzone, well, thank microsoft for their default xinput deadzone implementation, which is beyond stupid. Instead of evaluating both x and y axis to see, if they are in the deadzone range, it checks the deadzone for each axis separately, so you lose the range in both x in y axis even when the thumbstick is nowhere near the center. Thanks Microsoft! And yeah, the same problem plagues the Xbox 360 version as well, and many other games that use xinput.