I have yet to see any rubber-banding, not like in GT2, anyways. Last night I got ahead of a bunch of cars on Lap one in my 77 horsepower Fiat 500. Those guys didn't (couldn't) catch me, despite having about 110 horsepower (on average) more than me! By the end of the race I was 6 seconds ahead. I then started the same race over with LESS power. This time I made some goofs, yet still managed to win by a healthy margin.
True rubber-band would have them all clamoring around me no matter what, of course. That's how GT2 was.
...and there you go.

Proof, because I consider myself a decent driver.