I'm looking at the Alpha too but the thing I'm wondering is if I'd do worse on a small arcade stick (like the Alpha) as opposed to a good pad.
If you are used to a pad, you will probably do worse on a fight stick initially. After awhile, you will probably be comparable in skill with the pad and fight stick...and then after a long while, you will be better with whatever you use the most (stick or pad)
I play on both stick and controller, and can tell you that I prefer a controller 9/10 times. It's just more comfortable for me. I am about the same skill either using a SNES controller or a fight stick (I am not a pro by any means and don't really compete)
IMO fight sticks are much cooler than fight pads. Many sticks have great artwork, awesome customized buttons and are fun to use. Honestly, a high quality fight stick will make almost any controller feel like a toy in comparison....but that does not make the fight stick better than the fight pad. Also, the community to talk about fight sticks with is HUGE.
I prefer a fight pad due to familiarity, portability, lower price, freedom (fight sticks are usually limited to use on a table or lap, whereas the fight pad can really be used anywhere), and also the quietness (I wake the wife up if I am using the fight stick). On the other hand, someone could have a hundred reasons why a fight stick is better.
At the end of the day, it just comes down to what you want to use.
My recommendation would be to wait until you see the Alpha and the new Fight Pad, because the pad looks REALLY interesting. Then buy both.