I pre-ordered this from buy.com and got totally screwed on the price as a result, but I don't regret buying this wheel. I played Forza 2 and PGR4 for at least 40 hours each while I waited for my wheel, and got pretty good. As others have mentioned, switching from xbox controller to wheel is tough. The cars (especially in Forza) will do things like go into barely-controllable oscillations using the wheel(like a tank-slapper on a motorcycle), but never with the controller. I have to believe the wheel driver for these games calls on more detailed game physics than the controller does. Nevertheless, you do learn to adapt, and I would never go back to using the controller for racing games.
To get the best from this or any wheel, it does need to be firmly anchored on something other than your lap. I built a frame to mount the wheel to, and I jam a heavy ottoman against the pedals, which works pretty well from my recliner. However, I'm certain one of those $300 dedicated racing seats with the mounting points for wheel and pedals would be totally worth it(to everyone except for my wife).