So thanks to a forum post by Remco my crashes are now fixed (turns out the version of PhysX that I didn't know I had installed was wrong, uninstall/reinstall and it now works \o/)
So, first some basic wheel setup, then check graphics options for both single screen and triple screen (1920x1200 or 5760x1200 as appropriate), this is on a ~3.8GHz Core 2 Duo with a 5850, 4Gb ram etc...
And then some lappage, my thoughts so far:
Graphics -- Mixed bag imo, car models are very shiny, but really aren't as good as the initial screenshots in game (with my hardware at least) and at triple screen even turning some things down to low/off it wasn't great with just one car on track.
But shinyness is the main thing for them, reflections are amazing, polygon counts are good, but texture details of things like the decals isn't amazing.
Tracks are again shiny, but don't seem massively detailed. Grass is another step down, then trees/barriers/off-track stuff which aren't particularly impressive imo, but then I've always argued that stuff doesn't need to be great in a sim.
Overall the graphics are very nice, better than rFactor/LFS/iRacing quite easily.
I do still wonder how much detail I'd have to lose to have a decent number of cars on the grid (20+ really, iRacing handles 35+ without too many problems).
Sound -- Not sure what the fuss is about here, tried 3 cars and it doesn't amaze me, but it does the job which is all that matters to me
FFB -- simply put it's useless, but they have said there's a massive update coming here so hopefully it'll get better.
Tracks themselves -- I don't know Imola (iirc that's what Bologna is supposed to be) very well but Watkins Glen I do from both video's/races and iRacing (which lets face it are silly accurate) and I can only assume that the guy who made the version for this has never been to or watched a video of the glen.
Also not sure if there's a complete lack of bumps or whether that's the FFB being useless.
General driving feel -- bit meh frankly, it's far from awful but it's not a patch on the big sims like LFS/rFactor/netKar/iRacing (iRacing and netKar are a step above LFS/rFactor which are a step above this)
Overall thoughts -- It's got promise but they need to do a fair bit of work to the physics/feel before it'd tempt me away from iRacing, I'll keep trying the new builds though and see how it goes.
EDIT: Almost forgot, triple screen and general controller setup, iRacing has this nailed, C.A.R.S is a far far from getting it nailed...