After bagging a Tosh 27WL55 LCD for £250 second hand, I setup my 360 in the study, and so have the TV with the wheel desk mounted right in front of me..
At first I was a bit disappointed, the feedback wasn't right and I kept over correcting..
I then in a blinding flash of obviousness, plugged in the AC adapter it comes with.. And what a transformation, it now had full pukka force feedback, you can feel the grip the car has, and even bangs and knocks from the road surface.. This is better then my old MS FF PC Wheel...
Using the In-car view, or one of the forward views, the feeling is excellent, the 'feel' you have through the corners is superb, you can really feel when it understeers..
Ultimately, I don't know the effect it would have on individual lap times, mine are improving, and PGR3 is getting a new outing, I am much cleaner and smoother then ever.
The strength for me is the ability to gently let the steering 'out' as you exit the corner, whilst having more throttle control, so my corner exit speeds are improving.
I am sure it's horses for courses, I've always been a fan of steering wheels, as long as they are desk mounted..
I can't believe I hadn't plugged the AC adapter in before, You only need AA batteries to get it to work with the 360, and it has rumble effects, and I though that was it.. but anyone who hasn't plugged it in yet is missing out!.
I'd give it 8/10 with PGR3, this could go to a 9/10 if a game had more tweaking options such as steering sensitivity, and range adjustment.