Yes, the T500 is the ultimate wheel at the moment. That is purely because it is the newest to come to the console market.
Frankly, the Fanatec GT3rs with Clubsport Pedals brings more to the table with a smaller price tag. The ability to make adjustments to the characteristics of how the wheel feels and how it affects the car are worth more than the T500. You can setup 5 different profiles stored on the wheel itself. Makes it really convenient when driving relatively slow cars and then jumping into a Formula GT or X1. The FFB in this cars can be monstrous and give your arms a good workout.
The CSP give you the ability to adjust maximum braking and added adjustable ABS vibration. The springs are adjustable, as is the "throw". Pedal faces and angles can be arranged to suit your personal needs. If you want to further fine tune the pedals, you can buy an optional tuning kit. Finally if you want to customize the look of the pedals, you can buy an optional color kit. Which replaces the stock pedals with your choice of several colors.
Finally, the wheel rim being wrapped with hand stitched Alcantera feels beautiful!!!
The T500 is having compatibility issues with 90% of the current racing games. While the GT3rs doesn't suffer from this problem. Being an owner of a DFP & G25, the Fanatec GT3rs is a step up from the G25. It's smoother, quieter, it feels much nicer in my hands. I enjoy my T500. But my GT3rs does more. And I don't get angry because of lacking compatibility. I can only hope Thomas and his crew are working on a new wheel to include what the T500 is capable of.
Couple state of the art mechanical parts with the adjustments Fanatec wheels have, the T500 won't stand a chance. Fanatec ala carte purchasing solution is far more economical than being forced to buy parts you may not need, nor want. Kudos to you Thomas for giving us choices!