This arcade stick works much like most Wii controllers by plugging into the main Wii remote controller. From the photos, the arcade stick will be based on the budget VX and V3 models but with the Namco Noir layout to allow all eight buttons on the playing panel. It seems to be using a new button called the HLF-30, based on Hori's Kuro buttons from their Fighting Edge series.
The stick will be available in Japan in December 8 for ￥7,980 (~$100 USD). No news regarding any international release or price so stay tuned!