So is it just Fanatec who are releasing a wheel for this? No doubt that will be £30K to buy or something ridiculous.

Fortunately, no. Unfortunately its a remaining choice between a Madcatz wheel or a gimmicky wireless hand held controller with no pedals.
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In FM3 you still had to buy the cars with the inagme credits. I imagine it's the same in FM4. Apparently you will be gifted certain cars if you have played FM3, not sure how it works but its based on career level, cars bought etc
I felt ripped off by the LCE last time so will settle on the standard version.

Like I said, if you have played FM3 a lot you will be gifted few of the cars from your FM3 garage into FM4. No specific details have been released but that's what T10 said at e3.
Do you think I'd be making a mistake selling my xbox and MS wheel to get into pc sims and a G27? I just can't justify the cost of a pc build and the G27 without selling my xbox.
Are the sims a marked improvement physics wise? FM4 looks good but I'm bored by the prospect of it's handling if it's anything like FM3.