Caveat - I'm using PSVR on PS4 Pro.
VR in GTS is like sitting in the car in real life.
It is REAL life 3D (not that crappy fake TV 3D nonsense), in VR it looks like you could reach out and touch the dash buttons, the hands on the steering wheel look and feel like your own hands (if you have steering wheel for gaming then you must buy PSVR to complete the experience).
Outside of the car though, the graphics aren't perfect and not as clear, but you don't really notice or care too much once you are driving fast.
The youtube videos of VR do not do it justice, the field of vision up and down, left and right is not shown on the videos, only a small TV size square in the center of your view is displayed on TV/recordings, and what you are seeing on the TV/recording is just a flat image.
In GTS you are limited to you vs 1 AI, the AI is slow and doesn't really get in your way, so you are able to set your own lap and see how long it took - but the game doesn't currently record your fastest times.
In some race cars, the previous lap time is recorded on the steering wheel digital display, it is also displayed on the dash in a hovering lap timer, this gets wiped as you pass the start/finish though so you need to look at it to remember your lap time.
Some short tracks you get 3 or more laps, but most are 2 laps and nurburg 24hr is 1 lap. But you can just restart straight away and try to beat your previous time. Or change car and try to beat your previous time.
PSVR takes up 90% of my gaming time, split between Dirt Rally VR and GTS VR.
If you already have a steering wheel, then PSVR is a no brainer.
You may get VR sickness, it is something that I had to overcome, you won't regret VR though it may leave you wanting more developers to get their finger out and make it better - ie hotlapping, custom races, etc.
I went through 40 cars in VR the other week in 4hours only stopping for the odd smoke and cup of tea. There aren't enough gaming hours in a day to get bored of driving in VR, even in the crappiest FWD cars
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3:30 - Golf VII GTI = 2:35:519
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9:30 - 86 GRMN '16 = 2:35:526
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15:30 - 86 GT '15 = 2:39:872
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22:52 - Clio R.S. Trophy = 2:34:665
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28:50 - 208 GTI Peugot = 2:36:211
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34:40 - RCZ GT '15 = 2:40:847
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41:05 - DS3 Racing '11 = 2:38:173
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49:02 - 4C Launch Ed '14 = 2:26:744
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55:00 - WRX STI '14 = 2:27:448
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1:00:45 - Megane R.S. '11 = 2:31:816
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1:06:40 - Skyline GT-R V = 2:27:889
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1:14:15 - Lancer Evo '15 = 2:28:117
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1:20:00 - Genesis Coupe 3.8= 2:37:523
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1:26:00 - Civic Type R '15 = 2:29:056
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1:31:50 - Focus ST '15 = 2:32:880
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1:37:50 - TTS Coupe '15 = 2:26:631
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1:43:40 - Mustang Fastback = 2:30:392
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1:50:00 - V8 Vantage-S '15 = 2:24:877
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1:55:50 - 911 GT3 RS = 2:15:875
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2:01:45 - Merc AMG GT S '15= 2:20:201
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2:07:20 - Atenza Gr.3 Road = 2:23:111
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2:23:36 - Lexus RC F '14 = 2:30:434
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2:29:40 - Corvette C7 '14 = 2:23:189
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2:35:20 - Nissan GT-R '17 = 2:17:799
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2:41:25 - MP4 12C '10 = 2:17:892
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2:46:56 - Hurican LP 610-4 = 2:19:735
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2:53:00 - Diablo GT '00 = 2:19:325
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2:59:10 - Viper GTS '13 = 2:21:377
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3:06:12 - 650S Coupe '14 = 2:14:735
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3:11:40 - Charger SRT '15 = 2:23:412
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3:22:35 - Aston One-77 '11 = 2:17:719
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3:32:50 - Renault R.S 01 = 2:10:460
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3:38:00 - GTR Safety Car = 2:18:101
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3:43:24 - McLaren Ult VGT = 1:53:574
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3:49:25 - Mazda LM55 VGT
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3:54:40 - Honda VGT = 2:14:699
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4:00:20 - Fittipaldi VGT
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4:06:30 - SRT Tomahawk
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4:12:11 - SRT Tomahawk X
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4:17:25 - Chaparral