I'm closer to agreeing with you than anyone else in this thread. I really don't like the ridiculous handling this game has. With a 360 pad or wheel it's just totally unrealistic and in no way fun. In my opinion it fails massively at being a sim, but at the same time also fails horribly at being a fun pick up and play arcade game. It sits in a uninteresting and frustrating middle ground, coupled with the stupid handling and irritating bulk (videos, points/stars etc) there's nowhere near enough to keep me interested for more than a couple of plays.
Now with mods, it may improve, but it's too far off to ever be a good game. I'd keep your £7.50 and spend it on any number of better titles. You can pick up Race07 for that sort of money I would have thought, or Burnout Paradise. Both do what they're supposed to brilliantly.