The product I received differed from the one shown in the picture. It is not labeled as "plus" and the plastic used on it is transparent. However, it is functionally the same as the "plus" version (transmits rumble).
Things to be aware of:
1. You need a wired controller. A play and charge kit is not a wired controller.
2. Rumble functionality is included.
3. The Xbox Guide button serves as the PS Home button, and the lights on it still indicate which player you are.
4. The turbo functionality works and is simple to use. When activated, holding down the button is equivalent to rapidly pressing it.
5. The adapter includes plenty of cord length, so combined with the 360 controller's cable there should be more than enough length.
6. Most shooter games on the PS3 have firing your weapon set to R1, which translates to RB on the 360 controller. It is best to make sure that there is an in-game option to switch weapon firing to R2, which translates to RT on the 360 controller (This option is included for Modern Warfare 2).
7. Obviously, motion sensing controls don't work.
After playing MW2 on my 360, and then playing MW2 on the PS3 with this adapter I didn't notice any sort of controller lag.
Overall, this is a great product that is quick and easy to use and provides all the functionality I expected with no lag at a good price. The only thing I cannot rate is durability, as I have only had mine for 4 months.