Some already covered, this is from my own experience.
Grip Reduction set to Real
-When running off track, tires pick up dirt, tires will lose grip temporarily until dirt is scrubbed off. Usually a corner or 2.
-Tires work correctly in the wet. Slicks are the worst, followed by Sports, then Comfort, with wet weather tires (inters/rain) being the best. Depends on wet track %.
For example, Slicks can range from 0% - 30% as the track gets wetter. Sports tires are slower than slicks in the dry, but over 20% they perform better and can range up to 35~40%. Where Intermediates can be put on at 20% (any sooner and they wear out very quickly) they only become faster than slicks are 25% and can range up to approx 70%
%'s vary when track is going from wet to dry. Dry line appears on track on racing line sooner than off racing line.
- Racing line matters. More grip on the racing line, less grip off the racing line. Also in wet weather, racing line is more slippery than off the racing line.
When Grip Reduction set to low
-Running off track has less of an effect when rejoining track.
-Slick tires are the best tires in wet weather, all %'s.
-Grip across track is even, regardless of racing line/dampness.