The driving physics are very very nice in the 2 cars I've driven. There doesn't appear to be any damage from badly shifting. I guess if you have the money, you may like it. The crowd seems to be pretty mature in iRacing. Sofar, I haven't run into any wreckers. There's a race every hour, and qualifying/time trials inbetween race times you can do while waiting. There's chatrooms w/ voice and text and during racing.
I don't really regret spending the 20 bucks to try iRacing for one month, but I don't think I'll be buying the yearly subscription because I will be too busy with studying and work. Maybe if there's some big improvement in the damage modeling, weather's added, a car or track that I'm very fond of or something like that, then I'll pay for yearly subscription. My opinion may change and I may pay for the yearly subscription.
Sim racing for me isn't a priority right now, but if you have a decent wheel and like good physics and the cars included, you may like the sim a lot.