It takes some effort to dial in the settings, but on the projectcarsgame forum as well as other forums like GT Planet there are loads of people who've done that for you, and if you don't use the Jack Spade tweaker files you really should try them, they are very good. I've got some wheel (T500) settings which provide FFB which exactly matches the visual wheel movement in game. When I'm playing in rift the virtual wheel moves and i feel the same movement through the FFB, add to that my transponder setup and SimCommander4 and the experience is so immersive it's unreal, all that's lacking is some actuators for motion and I'm there.
It definitely could have been much slicker out of the box, and it had more than it's fair share of bugs, but by gum once it was patched it became something really good.
There is a lot of bad feeling around because of the issues surrounding it's release, which for some reason people can't get over. It's only a game at the end of the day nobody died.