Saitek Cyborg Gamepad with Flippable Controls
Although its single design innovation probably won't be enough to sway most, the Saitek Cyborg Rumble Pad's ability to swap its left-most analog stick and d-pad into the position of prominence is clever. Saitek's decision to make the d-pad look like the mushy, irregular d-pad from the Xbox 360 controller isn't quite so.
The Cyborg P3600 is available direct from Saitek for $35 and is PC-only.
Product Page [SaitekUSA.com via Gadget Lab via Sci-Fi Tech via Crave]

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Not that innovative.
At a gaming show in the UK a few years ago I was shown controllers distributed by Radica for Xbox and PS2. The controllers allowed you to independantly change the positions of the d-pad, buttons and both analogue sticks.