I have raced with a GT Academy Finalist. He has had a Fanatec wheel, he said it was nothing but an expensive piece of crap.
he is on GTP: choate51
Well maybe he got a bad one or maybe he just doesn't know what he is talking about. The fact is they are the only wheel that will allow you to play both the Xbox 360 and the PS2/3 using the same wheel and to many of us this is a very big deal.
The first fanatec wheel I bought had some issues I got a Turbo S with standard pedals. After I had been racing for a few minutes I could hear a faint clicking noise which sounded like a wire touching a fan inside the case. A little more driving and I hear a high pitched whine that would drive me mad if I had to listen to it long. I contacted the company and told them I could fix it if they would allow it without voiding the warranty and they aggreed.
They told me the "secret" steps to take the wheel apart and sure enough the click was a wire that was a bit to close to a fan blade. Easy enough. The other noise was a defective nylon bearing in one of the smaller fans. I emailed the support staff and they shipped me a new fan right away and from there on the wheel worked fine.
Other issues... the initial firmware did not support a dead zone adjustment and some cars in GT5 were hard to drive on the straights, especially the Karts, the F1s and the X1. This was corrected with a firmware update which allowed for an adjustable dead zone.
The major problem I had was the pedals, They were basically garbage. They acted up a lot, brake coming on by itself throttle not going to 100% when floored and such. I took them apart got them working properly for a few days then they stopped working completely. Fanatec sent me a new set which worked fine for a while but then started having the same issues. I eventually took apart both sets and made some heavy mods to them which I was sure would do the trick and it did for a while but after a few weeks each of them starting acting up again.
Eventually I went ahead and shelled out the cash for a set of club sport pedals and they have worked beautifully for the last 2 years. About a year ago I bought the CSR Elite wheel as well and replaced my Turbo S with that one. The TurboS still works great but the CSR Elite is better in several ways [and more expensive]
I also have several friends with Fanatec Wheels and pedals one of them has had some issues and had to return his wheel a couple of times but the others have had no problems and are loving them.