You guys are killing me. At present I have issues that inhibit my ability to sim race, but soon.......
The only decent way to sim-race in Formula One is via rFactor.
Personally, my concept of sim fun is to race as realistic as possible, and in a closed league.
Many years ago I used to sim race in NASCAR, and in one league we followed the entire season. The real race took place on Sunday, the next Thursday our league followed. Although my skill level was lower and I was using totally crapola hardware, it was the most fun and rewarding sim racing I ever experienced. And lurking in the back of my mind is the concept to have something similar in place when the 2011 season begins.
The wheels and pedals work on XBox.
http://www.fanatec.de/
http://www.f1simis.com
With the level of technology available presently, it would be possible to create updates that follow changes in the real world. I guess it all depends on the licencing agreement Codemasters has with Bernie, and if Codemasters has the will.
Racing should be decided on the track, not the court room.