That looks absolutely amazing. Not totally surprised though - if you go back to NASCAR Racing 2003, a lot of the oval crashes in that game look uncannily believable (not all of them of course, you can find plenty of YT vids of NR2003 cars flying/glitching/etc so I'm sure this took a lot of work and polish).
My son is a huge Beam NG drive fan. He likes to reproduce racing crashes and is very good at it and produces some really cool/believable results...but in some ways these iRacing crashes look even better. That's amazing when you consider Beam NG is a general purpose physics simulator (they've modeled a bunch of things "pretty well") iRacing's physics are more narrowly focused (they've modeled the physics around driving a car "really well").
I think there is a pretty strong case to be made even before this new damage model that iRacing could fairly label themselves the most sophisticated (home use) simulator out there. I've driven it a fair bit over the years and have also read some stuff about the kinds of things they model that just blow my mind. So cool.
Very pricey though. I have to laugh when R3E come out with some new content and people start to hyperventilate over $5 for a new track. I think "have you heard of iRacing? It would be 3x that PLUS a monthly sub for the privilege of getting to use it AND no AI (at least not yet)". I would need to perceive iRacing as THE sim to justify the outlay, and I just don't see it in that light...which is why I'm stuck as a "C" for both oval and road!
For me, something is fundamentally not right with the tire model and/or how the tire model gets communicated to me through my pretend steering wheel. I'm sure they've got some really smart people who make sure all of the right constants/coefficients/etc are plugged in correctly... something is just getting lost in translation for me. It's kind of funny because, when I first started playing iRacing, the tires felt like literal ice cubes. No sense of feel and slippery as hell. Now? I'm not sure I have a good metaphor - I still have no feel, but the tires feel artificially grippy to me (presumably this is in response to the "iceRacing" criticisms). The problem is, with the lack of feel, the tires go from "we can do this all day, c'mon man - push!" to "say, do you see that tire barrier over there...?" in what feels like an (usually uncatchable) instant.
I should add my tire model complaints go for road...on the oval side, I've always felt iRacing to be very good. It's on the road side - where you have lefts, rights, curbs, elevation, bumps, heavy braking, etc - that I begin to get very irritated.
I've driven cars on tracks (and driven them relatively hard). I know how strong the total feedback sensation package (sight, sound, wheel, butt...) is in real life...for me, other Sims come much closer to providing that level of feedback (through FFB) than iRacing.
Damage still looks very, very cool though. Best I've ever seen, for sure. If you enjoy playing iRacing, I genuinely hope this new damage model makes the game even more fun for you and you should keep playing it irrespective of my complaints (which are all based on personal opinion anyways!)