It's interesting to see this post as me and a buddy just did some physics and ffb "testing" last night. Let me begin by saying that I am not a gamer. I'm an older guy that did not grow up playing vdeo games. My first driving game was Forza 4 which I acquired after a younger friend gave me his old xbox 360. I picked up a used copy of Forza 4 and started playing with the controller; I hated it, there were many rage quit sessions when i first started. I eventually got somewhat used to it but I certainly didn't enjoy it. I then moved up to the xbox wireless wheel and instantly found a new enjoyment because it was natural and intuitive.
Since then I have had a Fanatec CSR wheel and now a Thrustmaster T300. In talking to my buddies, I would complain that Iracing seemed to have a numb feeling compared to my other sims. There isn't much indication of tire grip or under and oversteer. Until recently, P CARS was even worse for me because every car was numb and every track felt like I was driving on glass. I have since made FFB adjustments and now have it where I can feel the road and dynamics of the cars so I can enjoy the game. My buddy has a Logitech g25 and couldn't understand what I was saying as his experience with Iracing and other sims is completely different.
Long story short, after running each sim back to back on my wheel, he agreed that on my wheel, Iracings physics and ffb is completely dfferent than the other sims. But on his wheel, Iracing is more communicative but the other sims don't feel as good as my T300.
So my point is that although personal preference plays a big part in what is considered good or bad physics, there is also a hardware/software component to all of this too. Every game is going to have it's own ffb physics engine and that engine is going to work diffeently on different wheels. I work in IT and undertand how the nuances of hardware/software combinations can effect the user experience.
To an earlier posters point, sim racing is supposed to simulate the driving experience. So with that in mind, those of us who enjoy it, want to be as immersed in the simuation experience as possible. For me personally, that means using a wheel over a controller since that is the natural device used to steer a car. But I have friends that can wipe the floor of most with a controller but they will admit that they are gaming and not sim driving. To me, this is not a right or wrong topic, it simply comes down to preference. I have a gaming chair that I absolutely love but my buddies say the rumble of the sub woofers when they drive over bumps or rumble strips is a distraction to them....to each their own.
Of the sims I have my ranking of overall immersion/enjoying is...Corsa, Raceroom, R Factor 2, P CARS, Dirt Rally; With Iracing being in a separate category as it has the best multiplayer racing hands down. I stil play Forza 4 and Horizons 2 with my wireless wheel as I still enjoy the arcade experience they provide.