im not sure as ive never used the gt force or formula force, but yes i think the momo racing is better. its actually quite cool. athlonxp.com praises the momo racing wheel, but understands the momo forces advantages over it.
the wheel itself is faux leather made of rubber, thats probably better than the gt force. the shifter is neat. the clamping system works great. the carpet grip under the pedals keeps it from moving great also. I think the pedals might be a bit better. they dont look pretty like the momo force's, but the brake pedal is firm and both pedals feel solid. the mechanicals are probably the same. this uses a plastic gear system. it feels a bit cheap, but i have gotten used to it almost already.
I was under the impression that the gt force and formula force wheels were of a lower quality. i thought i had read about them failing or degrading over time.
But if the momo racing wheel wont work with gt3 then the momo force or gt force seem like the only choices.
i thought i had seen gt force or formula force wheels for as low as $60. the momo force costs about $130. and the momo racing can be found as low as $80 or so.
EDIT: if you have aim, give me a buzz. i can give you some details on the momo racing wheel.