First, I think it is best to start by saying that if you are looking for a good racing sim that covers the F1 2014 season then this is a must have. It gives you the new turbocharged cars, the 2014 track list and the 2014 roster (exempting some mid/late season changes).
There are a lot of reviews that call this a "copy/paste" of F1 2013's gameplay. That is correct but only because F1 as a actual sport is not one that changes it's entire rule structure, driver roster or track schedules in massive ways. it's a sport so any evolution is going to be slow and gradual. Going into F1 2014 with the understanding that it gives you exactly what it's title says (a F1 2014 season game) will probably save you from getting super upset.
I mean, seriously. Are people expecting races on the moon or something? Perhaps Jet powered cars with missile launchers? It's a F1 sim/game so it is going to use the material that the actual sport provides.
The only really significant downer is the lack of 2013's classic mode but considering how limited in scope the classic mode is in 2013, I suppose I can understand why they want to wait until they can really do more with that concept and I don't think F1 2014 was the place for them to do that (though I think expectations are high for F1 2015).
So, with that out of the way, lets talk about specifics.
1.) Graphics. This title is not going to be a massive jump from 2013 but it does the job perfectly. The car models look fantastic. The tracks look good and effects still do the job as well as you would want them to. The real standout however is the rain effects. Codemasters seems to understand the importance of good rain effects and how it effects the gameplay.
2.) Sound. The sound is great. The cars sound correct and reflect the 2014 move to 6cyl turbocharged power units. The rest of the effects do the job just fine and give you plenty of situational awareness.
3.) Physics/handling. This is where I think a lot of people have the wrong attiude in their reviews. They get so used to 2013's handling (with more downforce and less torque) that the 2014 cars can come as a surprise since they feel ENTIRELY different. This can make it difficult for those that mastered F1 2013 and some will get frustrated at having to adapt to a new driving style (just like the real drivers had to deal with). The handling is a real high-point in F1 titles and this is no different.
4.) Gameplay modes. It does not have the classic mode which is fine but the rest of the normal options are still there. The only big change is the switch from a long "young drivers test" to a short evaluation lap which can either be welcome or unwelcome depending on your skill level going in.
Overall. while it lacks the classic cars and tracks of 2013. It still provides a solid F1 2014 season experience that accurately reflects the technical changes in a satisfying way. If you want a sports franchise to change in leaps and bounds then you probably are not being reasonable but I suspect that a lot of the big stuff is being saved for the F1 2015 release.