Perhaps this is a difference between the US and Europe because I've never driven a European car which had a handbrake I'd be afraid to pull at 70! I must admit to not having done it, but all the cars I've owned or driven have had a handbrake that's pretty ineffectual at stopping a car. A lot of them, like the Fiat Uno and My PT Cruiser struggle to keep the car from rolling away on a hill!
This comes from 17 years driving experience in almost every European country and the far east.
Also, I've never driven a car which hasn't had a centrally operated hand handbrake, although I think they did used to exist in the UK when my father was learning to drive.
So, back on topic, the handbrake in GT4 is nothing like any I've ever driven, but I'm willing to accept it might be like some in the US or on cars I haven't driven yet!
On the other hand, I havent used it in GT4, even on a rally, apart from to have a bit of fun.
(Please note that following Scaff's comments I want to make it clear that no-one should attempt to apply the handbrake at 70mph on a road, or indeed to apply the handbrake in a manor which doesn't fit with safe driving and the highway code!
I do stand by my comments that, of the cars I've owned and driven, the handbrake is not much use, especially on the older ones with drum brakes!)