People that say a bike could be simulated in LFS and driven like a bike in real life, obviosuly have never raced a bike in real life, and don't have a clue how a bike is controlled on the limit.
Eg. to stop the back wheel of a bike sliding, you don't do anything with the steering. You apply weight to the foot pedals. To stop the back wheel from locking up under braking, you lean backwards. To stop the front tucking in, around a corner, you lean forwards. Pretty much all these rider inputs cannot be simulated with simple controls like a car can. Its just not possible.
Sticking to the back wheel sliding example: When in a car, to stop the back wheels sliding you only have 3 inputs that you can make to the car: Steering, throttle, and brake. Those are the ONLY things you can do. When riding a bike you can move your body around to an infinite number of positions and apply different amounts of weight on the foot rests and handle bars. You can change the wieght distribution of the bike with your body (Front:Back and Left:Right). There is no easy way to simulate these at home, because if you lean to the right when sitting still at home, there is no restoring force generated from turning so you will fall over (off your chair).