I love the wheel, but to get a comfortable setup takes time and space, and I don't have that much space. I would love to get a proper setup, but until I have a house I'll be confined to the lounge... I find the wheel is more accurate and I prefer it, but the pad is easier to pick up and play and doesn't require me looking like a complete geek to my other half.
What about.....
Wheel Stand Pro or Fanatec Wheel Stand
Both very easy to setup and put away.