I think I agree with Mike. No matter how fancy "sim" racing gets, it will never replace real life racing. I do autocross, time trials on real tracks first BEFORE going into sim racing because real racing is too expensive. A car would cost 5 digit, each session cost 3 digit, brake pad, brake line, oil change, and tires that required to run just couple laps can cost thousands which you can use to build a fancy racing rig. In sim racing, I have put in about a thousand dollars and have a pretty good set up already and I can run millions miles in many tracks with many cars that I never be able to afford to buy. That is why I stop real racing and start sim racing now
The biggest cons in sim no matter how good the game can get is the lack of G-force that can be felt in your butt. I mean even the motion platform is not able to replicate it because unless it is moving at a high speed, it aidn't doing the real g force. Also, lots of the motion exaggerate the weight transfer especially for race cars. In a stiff cars, the weight transfer is minimized and you don't rock back and forth so crazy like that in the chair on a motion platform. Another thing is simulating the brake and gas. G29, T3PA, and even mid end Fanatec products and all that. Many of them are day and night difference between the real cars. If you can drive a real car, you can already tell how big of a difference and the limitations of those hardware. I have personally bought many set of pedals (Logitech DFGT, T300 stock, T3PA, T3PA pro, T3PA with mod, Fanatec Clubsport V3) trying to get the feel I am looking for. None are perfect but the closest one that I find is the Fanatec Clubsport V3. I am so far happy with that pedal.
Beside the lack of feel of gforce, the sense of speed is definitely lacking. In many instance, when I drive in games, I have a vague sense of speed. The best approximation of speed is knowing what gear I am in or best is to directly look at the speed. In real life, I can feel through eyes, ears, hands, feet, body and even psychology of mind. The sense of "fear" is definitely lacking in sims. I have seen some ridiculous fast driving in game with weird set up, I dare people will do that in real life. You won't have a "restart" option. That is also why sim racing best lap times are better than real life ones in the same car on the same track.
Also sim racing will have a hard time simulating the sense of smell. In real life, once your tires heat up and you start to slide a little bit here and there, oh yeah, that awful smell of rubber burning will stay with you.
Last but not least, the sense of heat is hard to simulate. When you are driving your car near the limit under the hot sun without the air condition on, you are sitting inside your car with a big helmet and sweating like a pig at 100F or hotter. That is day and night difference of how you sit comfortably inside your house racing in the racing rig. Well, to be honest, I wish real life would be that comfortable like this.
Anyways, Assetto Corsa, iRacing... are all nice and top notch or what not but it will never be as real as real life