I've had a GT2 wheel (and Club Sport Pedals, equally as important) about a week and I can honestly say I'm not ever going back to racing games with a controller. I've always been decent at racing sims with a joystick, not really noteworthy or anything but I can play most games on medium difficulty levels and win, except for tracks that have long sweeping turns, I've never been good at micro corrections with a controller, with a wheel it's ...well...exactly how you think it should be. That's not a big surprise. What is the big surprise is that I've always been a third person view kind of guy for racing games (because being in the cockpit feels foreign...keep in mind I've driven ~180,000 miles in the real world...from inside a car...I know, it makes no sense whatsoever) but now having a wheel I can't race in third person perspective. My first race was on easy, against Honda Fit's and the equivalent, I was in a stock Ferrari 360 Modena, and I took second. Not my proudest moment.
Only gripe so face about the wheel isn't actually about the wheel, its about the sequential shifter. The standard gated 6 speed H shifter feels too weird, plus I drive a manual transmission daily (2011 VW GTI 4 door) so going to back to a sequential or paddles is nice (previous car was a 2003 BMW M3 with SMG tranny) but they've reversed the sequential order. In the BMW you pull the stick toward you to upshift (1 -> 2 or 2 -> 3), and you push it away from you (toward the radio/dashboard) to downshift (4->3 etc) and after doing that thoughtlessly for three or four years and ~30,000 miles I can't go opposite of it. Luckily blowing a shift doesn't destroy the engine in the M5 I'm driving, but I think it means I can pull the little rods out of the side of the wheel because the shifters are going to be unused.
Unless the next Clubsport shifter is awesome...
One side note, I did a lot of research about this wheel, and there was a lot of negative reviews regarding its use with Forza 3. Apparently people think that Forza 3 doesn't make the force feedback kick in hard enough. I'm not sure what they can possibly be talking about. I've got the wheel at half strength, and it still pulls a phenomenal amount. Me thinks some people may be overly picky...kind of like complaining about the sequential shifter being backward. :D