The more I use the demo the more I like it.
Even though I don't like understeer,
if the physics of the new game is
genuinely closer to the real thing than F1 2011, then I am all for it. Having to adopt to a new driving style is a good thing, I think we are all are just too familiar with F1 2011's point and shoot steering, throw in lots of lock rapidly, and the car will follow.
If they do tweak the final release understeering settings, I hope they don't go too far, by going back towards F1 2011's somewhat less realistic cornering.
As for wheel settings, as someone mentioned above, it's not worth spending too much time on it in the demo, just get a baseline from which you can work from in the final release. It's also easy to forget how much F1 2011's wheel settings were massively different to F1 2010, so major changes should have been expected in this release.
As for FFB, I am going to reserve judgement until the final release, it doesn't appear too great at the moment, but by spending much more time tweaking the released version, it might show that it's not as bad as we fear.
Regarding downshifting, I quite like it, you should be in the appropriate gear for the speed. Not forgetting that they adjusted it because it was easy to slam it down the gearbox, getting major engine braking in the process for little risk. I have seen many videos with ridiculous gear changes, which you would think would lock up the rear axle. Having said that, modern F1 cars probably have some electronic management system to prevent such rapid change downs anyway.
Essentially let's say my cup is half full rather than half empty .....