Although I learned to drift with the Dual Shock 2, something enticed me into buying a wheel.
Tried the MadCatz MC2 Universal (3 times) and determined that it was utter crap.
After I got my money back I bought the Driving Force Pro. Now I rarely play any of my other games, pre-ordered GT4, and bought a network adapter just for the online aspect. Now I'm considering buying an F1 racing game.
It is possible to drift and race with the DS2, but a good wheel makes it 10,000x funner and increases smoothness and control to the point where those factors are only limited by the driver, not the controller (except for the lack of a clutch). Still, the Driving Force Pro is an extraordinarily good investment if you have any interest in driving.
That interest will turn to love in no time.