If you ask me, its about time Geoff Crammond did an uptodate formula one game.
I agree but I don't think he has the rights to do it anymore. I pretty sure Sony purchased the rights to F1.
If you can't find a "quality" racing game on the PC, you're either not looking hard enough, or don't actually know what a quality racing game is.
dirt 2 is in development at the moment i think
http://www.codemasters.co.uk/games/index.php?gameid=2998
I like GTR Evo some of the DL content for it is really good, like the Race King Nordschleife track.
Not tried rFactor, Is it worth getting?
GT Legends is good - but not as good as GTR2 + Power & Glory mod....