The concept is actually pretty cool, but it would have be fleshed out a whole lot more. Like, a lot a lot more.
I presume the inputs would be with the buttons only and not the joystick. Obviously you can't do left and right at the same time, and the joystick motions would make for missed inputs galore. Using the buttons would be pretty confusing since they're in a line, and not oriented with the directions of the arrows.