I've had one for a while, they do run a little warm, so make sure the fans are set to kick in when you turn it on and not after it gets hot. (Instructions for doing so are in manual).
I actually installed an Antec Computer case fan on the top of an extra wheel housing I got, runs cool as a cucumber now.
Never had a problem with lag in GT5.
I really like the feel of the rim, after having personally tried out a friend's CSR wheel, I prefer the GT3s feel.
Also you can program different settings into the wheel for different games or different cars. I use one setting for FGT, Ferrari F1, and x2010/x2011, and another for all other cars.
Table clamps included do not work too well unless you have a table top/surface that is within vary narrow dimensions. Best is to hard mount but take care not to over tighten or you can strip out the threads.
I think its pretty good for the money, although Fanatec did have to replace a faulty one for me. (They did so quickly with minimum hassle).
I use it with CSPs mounted on Rennsport V.1 Wheel Stand.