i have it. it works as if it is a regular controller not a wheel. it actually works pretty good, but i'm still faster with a ds3.
don't bother emailing or calling sony for instructions on getting it to work with gt5. they say they don't provide support individual games. trust me, i tried. anyways, you have to remap the shifter paddles if you want to use them everything else already works. it is easy to remap the controls once you know what to map them to. if you decide to try it let me know and i'll look my mapping up and give you the info.
ps: you do have your hands in the air but resting your elbows on your body parts (thighs, torso) or couch makes it not a problem for most races. i would not use it for the long races though.