Sure the slider works, but it doesnt really do anything but make the whole range of movement a little less sensitive. Even with the sensitivity slider in game all the way down(up) it was way to sensitive especialy towards center.
How it was my X-52 barely had to move to get huge input to the aircraft. The rudder was especially anoying since it was so sensitive, and you really need some good rudder control to make hitting small planes in dogfights feaseable.

With this set up in the config it makes the movements near the center of the axis much less pronounced and therefore much easier to control. My hit % has gone from sub 10% to 25-45% just from this.