I love it...the only downside is the FFB, it is way too low/light or soft, and the degrees of the wheel should be around 270º max.
I know a GP2 pilot and asked him about wheel ranges in real life a while back (because I play rFactor 2 and some more simulators and needed to know the actual degrees since I can change it in the PC).
Also he told me that FFB in open wheel cars should be a little bit heavy since the direction is quite direct as well as suspensions. No matter if the car is light.
If the FFB could be more or less like the Rocket mixed with the feel of the X2011, it should feel better.
270º max? That would be insane and would most likely be the reason for many accidents if that was used on an actual open wheel race car. I've driven 3 different types of open wheel race cars before, two Formula Mazda's and a Lola LC88 and none of them were anywhere near that. F1 cars have the lowest ratios generally, but even then the steering wheel will turn about 420º, ratios are obviously adjustable but 270 is probably not even possible on most things, most lower formulas are even more than F1 cars.
I don't know who the GP2 driver you talked to was, but you may have misunderstood him.
I always complained that the ratios were way too low in GT5 especially for the F1 cars. I haven't actually tried the RB Junior yet, but judging by what people are saying about the steering, i think it'll be closer to an actual open wheel race car.
I would probably agree with the weight of the wheel, but that's the same with every car in GT6. The reason for this is because of the wide band of FFB output from the software and the limitations of the hardware. If you increase the FFB output so that the low end feels heavier, then the top end will simply be cut off by the limit of the hardware. This is known as FFB clipping, it's a common issue with PC racing sims, because with those you have full adjustability of the strength of FFB, but if you just max it out thinking you'll get a really heavy wheel you'll actually be missing most of the actual FFB since it'll be cut off part way (i learned this the hard way). You have to keep the levels low enough so that you don't get any clipping, this means that if a particular car has a very wide band of FFB (like most open wheel cars with no power steering would have), then the usual FFB will feel quite light, but if you hit a curb then you'll definitely feel that.
Both of these clips are from Monaco, the reason is that it's probably the only circuit that you'll ever see a driver actually using full lock in these types of cars. Look at their wheels when they go through the Grand Hotel hairpin; like i said, no where near 270º. The Formula Renault has quite a lot of steering lock compared to most formula cars, but that's needed because those cars despite how they look are actually very slippery; very little aerodynamic grip compared to the amount of power they have.
But seriously the idea of progression is a very reasonable idea. 
