It's easy for us lot to build iRacing up, it's not great, trying to do set-ups is a nightmare due to the tyre modeling, let alone the lack of transmission modeling.
What is great is the tracks and the FFB as well as the guarenteed clean racing. When I say clean I mean everyone trying to be clean, doesn't always work that way.
If you like Oval then there is nothing out there even to compare or comes close to iRacing.
The system with iRating and safety rating, although flawed, is as good as you will ever get with online racing. It's like the LFS CTRA but with getting punished for bad driving automatically.
Also wherr as the CTRA system gave you points gallore for the number of races you enter, the iRacing system gives you points for where you finish....i.e. the better you are the more points (iRating) you gain regardless of how often you race.
So for someone that has 10 hours a week or 140 hours a week to spend it doesn't matter.
Anyway in conclusion.
LFS was the first online racing that got me hooked, bravo, I actually really like the simbin sims, regardless of the slagging they get, the cars tracks and fun is great. rfactor just doesn't do it for me uynfortunately
iRacing is a league on it's own right now when everything is considered.
I haven't speel checked or even read this post so sorry for any mistakes