From my knowledge of when I used it at the PS Expo in August, the wheel had the stick shift on the right and I beleive it will stay that way, because thats how it was originally designed, the paddle shifts are on the wheel, and they are much better than the current wheel fo GT.
As with the current wheel there are only about three cables connections, this has about 4 from what I saw, One for power supply, one for the USB connection to the PS2, one for the pedals to the wheel and one for the stick shift, so this wheel is pretty wheel crafted and why not, because its for Gran turismo 4.