I tried iRacing for the 3 months and didn't renew. As far as a racing sim, there is nothing better (nothing even comes close). This is for people who are REALLY into sim racing. Can get expensive paying monthly subscription, cars, etc. I have had the Logitech Momo (Red) racing wheel for a few years and it was good in it's day but it's not up to the quality to compete in iRacing. The racers there are no joke and will eat your lunch and if you're lucky, give you back your lunchbox. Be prepared to get your ass kicked HARD! You'll need something like the Logitech G27 at $300 if you really want to be competitive with the big boys who seem to do nothing but race.
I just wasn't enough of a die hard racer to continue to pay the monthly fee (and other expenses) when I knew I would hardly race let alone ever be competitive. It takes a long time just to work yourself up through the tiers (along with buying tracks) to even say hi to the real racers. Prepare to be a Newbie for a long time if you get involved with iRacing. It's not for the casual gamer. This is not pussy Danica Patrick s h i t, this is Kyle Busch stuff.
I7 3770 @ 4.4 gig (Noctua NH-U14S Heatsink), ASRock Z77 Extreme6, 16 Gigs (2x8) Corsair Vengeance DDR3 1600, EVGA GTX 680 Signature 2, Acer P236H 23" (1920x1080), X-Fi Xtreme Gamer Pro, 2 WD 640 gig SATA HDDs, WD 750 gig HDD (eSata), WD 1TB Black HDD, Sandisk 32 GB ReadyCache SSD, 2 SATA DVD Burners, Logitech Z-5500 5.1 Speaker System, Corsair TX750w PSU, HSPC Top Deck Tech Station, Windows 7 Pro x64