I'm having fun with it.
(Just a heads up, I only play single player so I can't speak to anything about multiplayer in this review. )
I'm a typical American that didn't know anything about F1 coming into playing this game. In fact, I didn't follow any motorsports at all. But I decided to try this due to the lack of "sports" games on PC. There aren't too many sports games on PC where I can get my competitive fix in a single player environment so I'm enjoying learning F1. F1 reminds me of golf quite a lot. You're racing yourself more than anybody else. Trying to shave seconds off each lap or even each section of a lap. You can have a very intense lap in a race or qualifying without ever seeing another car. It can also become a feat of endurance piling 30 or more laps on top of one another while maintaining pace. Mix in some tire degradation, minimal fuel management, DRS/KERS, etc. And you got a little bit of strategy to work with and think about too. It really is fun once your learn everything.
Then I'm also not a racing "arcade" or racing "sim" aficionado in general so I can't speak to what this game is or isn't in those regards. But I've been enjoying the racing immensely. I started as a very beginning beginner with all sorts of braking assists and low difficulty settings. Since, I have been gradually working my way up and learning and getting better. Assists are going down or off, I'm doing full practice and qualifying, racing longer races, penalties are all on now, etc. There's a learning curve for a complete newbie but its entirely doable. And quite a good challenge if you keep changing the settings with your progression (if it gets easy, punish yourself and change a setting!).
I'm just playing with a 360 controller, so no fancy wheel or anything, and it feels fine.
The asking price is a little questionable being 2013, but I got it on a sale of course. I'm happy with my purchase and have gotten my money's worth. Heck, I even started watching actual F1 this season. My purchase was fairly close to season start and I've found myself watching replays of every single race. Even made time to watch the Canadian Gran Prix live on TV a few weeks back being in the right time zone.
Like I said, I can't speak to the experts and addicts of racing games, but to the newer racers out there looking to try something new at a little cheaper price than the newest racing games; Give it a whirl! I recommend it.