Well I'm a sim racing snob of the highest order ("if it aint netKar Pro or iRacing it aint worth driving" is my usual stance), but i have to admit I'm having a blast with this.
 It took  a good few hours of tweaking to get the FFB feeling decent, and once i started playing with setups  I got the car feeling good. (forget the 'quick setups' they are gash)
 Initially I had that awful gear change lag, but it turns out it wasn't the gears themselves but the sound lagging.  As soon as I switched from their 'rapture' sound to 'software' it improved massively (and i got a few extra FPS as a bonus)
 
 Anyone who deleted it within 10 mins is an idiot.  I thought it was pants after my first 30 mins, but now I've tweaked a bit it's transformed the game completely.
 It's no sim, that's for sure, but considering it's a Codemasters game I'm pretty impressed. 
As long as they release a patch soon to fix a couple of annoyances I'll be having fun with this for quite a while.