You only lose 2 functions from the standard controller. Power off/on and the variable play speed of the analog joystick. I got this unit strictly to get my Harmony IR remote to control the PS3. Because of this these missing items don't impact me. Works great with the Harmony, so I am back to one remote again.
Easily control the next generation of home entertainment with the Blue-Wave Remote from Nyko. The Blu Wave allows you to easily control the playback of Blu-Ray movies, DVDs and CDs on the PlayStation 3 console. Utilizing infrared technology, the Blue Wave can navigate system and movie menus, skip chapters or tracks, pause and play a movie or music and replicate other PlayStation 3 controller functionality from up to 25 feet away. The compact USB IR receiver plugs into any open USB port for easy set up requiring no complicate software, pairing or programming.