The graphics are better in terms of the textures as CE is simply the PS2 game F1 06 with high resolution textures chucked in. F1 2010 and even more so with 2011 have appauling textures at least on PS3.
The polygons and general graphics of CE are poorer though, which is only to be expected with a PS2 port and an early PS3 game.
However, the fact CE doesn't use those horrible brown-filters and ridiculously exaggerated bloom and flare effects makes it look much much better. Plus the hi-res textures.
The physics and general look and feel of the game though are pretty much taste and preferrence. I feel that high speed physics in F1:CE are much more realistic. If you compare the laps in reality and ingame, CE gives the "on rails" feel that F1 cars appear to have - its all about instant braking, instant acceleration, lightning fast change of direction. 2010 and especially 2011 are much more nervous in high speed corners and you don't get that instant, split-second transition from corner entry to corner exit.
Part of that is of course the traction control available in 2006 but even so, watching onboards from this year even looks much smoother and controlled than in the game for 2010 and 2011.
Low speed physics I feel are much, much better in F1 2011. CE really falls down in low speed physics as the grip is a little too much and a little sterile.
I prefer the look and gameplay of Codemasters games. The GUI and feel of the whole game is much better presented. I do miss some elements of CE though, namely:
-Commentary rather than race engineers. It was just more fun having commentators give you the action. I guess its a little bit of a nostalgia thing going back to Formula 1 95 with Murray Walker screaming when you pulled off an overtake.

MEGA MEGA MOVE
-Testing, it felt like a better way to get eased into the physics and feel of the game having to carry out pre-season tests to land a race seat and then testing at the various circuits before given a race drive. In F1 2010/2011, you are pretty much thrown in the deep end in career mode, ok you start in a practice session but with 23 other cars and with "track evolution"/wet weather etc. It was much better starting with an empty track, perfect conditions (apart from the annoying low sunlight) and just a chance to get used to the cars are really just focus on becoming fast in the car before trying to complete a race weekend.
-Warm-up laps/parade laps. They have sort of come back now with safety cars. They were again another nice way to build up to the race and were absolutely crucial for the start of races to build temperature. Ok they didn't work entirely accurately but at least they were there.
-Contract offers/contract goals that actually made sense. In CE the contract goals were based on Testing goals completed, Race finishes, Points and Wins/Podiums. If you won a race in your first season and scored a decent amount of points, you were guaranteed a mid-season seat with Toyota/Red Bull/BMW Sauber and usually landed a test with Honda or McLaren or Ferrari at the end of the season. Whereas in F1 2010/2011 it has some vague reputation system that isn't very clear what exactly you need to do in the season apart from secure good results. Plus the bizarre "rival" system. What's wrong with a simple "Score X amount of points to land a seat with Y team"?
-The classic cars. It was good albeit not perfect to be able to jump in classic Cooper, Lotus, Renault, Alfa Romeo and Williams cars and compare them to the modern day.