This is a heavy-duty joystick very similar to the ones in claw arcade games. Directional movements are momentary limit switches - one for each direction. This joystick also has a select button that is actuated when the red button is pressed down.
This joystick is pretty beefy and very tall because of it. We built up an enclosure just to see what it would look like. Ideally, this joystick would be panel mounted, but actually reading the movement of the joystick is as simple as setting up the microcontroller to read five switches.