To be clear from the start Race 07 is a simulation game. That means to play it, it is recommended to have a gamepad or wheel. Trying to do anything without one of those is a waste of time.
To start off with there are lots of annoying things, the control setup is tedious (but it works), the settings are sometimes overly complicated, people online can be ♥♥♥♥♥ (if I had a cent for every first corner accident...) and the AI opponents are mentally challenged.
However once you've set up everything correctly and connect to a multiplayer server (preferably with some friends) the game is great. For people who like 'real' racing the gameplay is great. Cars handle like they should and once you know what you're doing close racing is very much possible.
Also because of the driving aids people with different skill levels can easily compete with each other for fun racing sessions.
From there on there is a myriad of tweaks and settings to change to get that extra bit of speed out of your car, I am not interested in that but for the simracing enthusiast it is great.
To conclude, there are some small issues with Race 07 but on the whole it is the best sim racing game available on Steam, period.