I bought the xbox pad just to play dirt2 which came free with my 5850 and it works a treat with the game, so I am confident it will be pretty good for F1 2010. A wheel would be better but I wont be able to afford one for a while, might pick one up later in the year.
F1 is a massive sport worldwide, (not as popular in the USA but i hope the Texas track for 2012 helps there).
Codemasters did originally want to release this cross platform last year but decided it just was not up to scratch and only released a wii version which was so so. They have put a tonne of effort into this game and I for one can't wait to spin out on Spa in the rain!