My mini review;
I have tried and it's not for me. The cars i have raced and/or tested seem to have two physics 'states'. Grip and No Grip. The latter is achieved by turning the wheel more than a set amount of degrees (80-90 on my 900 wheel) no matter the speed.
I tested this by loading the Spec Ford, Mazda MX-5 and GT-3 Caddy and i could do the exact same thing - go at anything above 25mph, turn the wheel 90 degrees and the car just spins.
Now i know when i am driving my own car this doesn't happen, and i am glad as the roads would be a bloody mess on the way to and from work.
Cars with slicks do not spin at 30 mph. My van with the cheapest tyres known to the western world on it does not spin at 30mph when i turn the wheel 90 degrees!
The graphics are poor for a game constantly updated (car models are good admittedly). Tracks are lifeless and textures look 10 years old.
I know they probably want people with old hardware to be able to play.... but in 2014 it's not nice.
The tracks themselves are good though. Laser scanning makes a big difference here.
Sounds are very good - engines on some cars are orgasmic. Break squeek is annoying though. Not sure why rFactor and iRacing insist on this on all cars.
Force feedback while ok (it's there) is vague is it can be. If i shut my eyes and drove off track i wouldn't be able to tell through the wheel that this is the case. Nothing to let you know your under/oversteering. Bumps don't register neither does contact with other cars. There is also no difference in feel/force while you are spinning.
AC, R3E, GTR-2, Race 07, rFactor... all have superior 'feel'. The cars seem more alive through the wheel (yes i know this is a 'simulated effect').
The licence thing while a great idea is terribly flawed. Being punted off the track by idiots results in me receiving points off my end of session total, so it takes forever and a day to 'level up'. Example; i just spun off the track and was hit by another car who done the same thing right after me. He hit me several times as we were pirouetting across the grass. I received the 'Contact with car x4/17'. Not a game breaker but annoying all the same.
Also the advertised "Race anytime" is not strictly true. Searching last night i could not find a race to join. And from what people and reviewers had told me it was this massively populated sim.... 1,300 people online is the most i have saw (granted most Yanks are probably only getting home from work when i log off).
And there are not that many people as active as i thought there was. Well fewer than 100k have signed up. A sign that costs are too high?
Why not make some free content to entice people in? I know they rely on the sub service so it's difficult.
Like i said i have tried and i don't really like. I still have most of my 3 months left so i will probably keep popping in and trying.
This is also my opinion and not to be taken as me trying to state 'facts'.
If you enjoy it, great. If you expect to be blown away like i did from what i have heard about this game, then don't get hopes too high!