To comment on the "chase cam gives you an unfair advantage" stance...
I used to use chase cam because that was what I had done in other games, and it was the only way I could "feel" what the back end of the car was doing. But, since the chase cam in LFS doesn't have a mirror and doesn't let you look right and left, I was loosing time being too careful not to bump into people I couldn't see - either behind me or to the side.
So I decided to switch to the "wheels only" view (not cockpit due to lots of the reasons that others have stated in the thread, i.e. my real windshield is bigger than 17" diagonal, etc, etc, etc) so I didn't have to tiptoe around traffic. After a few months, I was actually faster than I had been in chase cam. I found that the biggest adjustment was relearning all of the braking and turn in points from another angle.
I can see how chase cam would help if you've never seen the track before, but c'mon, I'm pretty sure the first turn at Aston National is a right-hand sweeper! It just looks different (not better!) from higher up.
I'm glad I don't use chase cam anymore because I can be more aggressive in traffic. If someone wants to use it and can use their Spidey sense to know where other cars are, great! If someone wants to run a forced cockpit view server, I'll either adjust or go somewhere else.