Most fight game players prefer Japanese parts. The Sanwa JLF or the Seimitsu LS-32 are probably the most popular joysticks in the fighting game community, Hori Hayabusa is also a popular option . I haven't personally used the IL Magnetic in fight games, but I've never seen someone use it at a fighting game tournament. Judging by the feel of the joystick I can't personally recommend it for fightgames.
Sanwa JLF all the way.