I've given this another go lately and have some comments to add. The game has had many updates and changes since I last played/posted.
There are a lot more cars available now, leaderboards work and there are many events being put up with prizes for leaderboard winners. A few new tracks added, and the quality of those tracks is really nice (I really like the Lime Rock, previously driven in iRacing).
The original Lancer Evolution is not a good representation of the sim as a whole, having driven the Mclaren Mp4-12c, Toyota Supra and Formula Renault 3.5 cars I can say that I'm really impressed with how they have the driving model, it is every bit a full on sim with just that last 1% of the edge taken off.
For me that 1% edge in sims was generally the unrealistic transition from real life to simulations, where the right numbers are used but in comparison to the real world they dont quite add up, even if they are good (iRacing is a perfect example here, and many real life drivers have commented on it).
Getting back on the point, the FFB is better than i've ever felt from Rfactor regardless of mod and it feels really really solid, in short the FFB is great. The physics and cars feel good to drive, realistic (not perfect) and challenging but not overly punishing. Had some good racing with some good (and not so good) drivers and really enjoyed it, gaining credits for each online lap driven makes it very easy to stack up those credits and buy more cars, cars that are modelled well (the Mclaren MP4-12c is fantastic). Graphics are not great but with the newer tracks (lime rock) they have done a good job with what they have and it looks decent enough, the sounds are again nothing spectacular but decent enough.
This Simraceway is definitely worth any sim racing fans time, if you can appreciate driving street cars with well polished Rfactor physics and a much improved FFB, a decent friendly community with leaderboard based events then this is a winner.
For what its worth the game felt better for me at 400degrees, rather than 900, with my G27. Every tuesday they have a "Test Drive" feature that allows you to drive a certain car for a day without buying it (with money or ingame credits).