It's my first racing wheel, and I got it to play GT5, and after using it for a while, oh my god it is amazing.  It's got a set of steel pedals, a 6 speed shift stick with a push down reverse gear, and the wheel is steel and wrapped with real leather.  The wheel also has those modern day shift paddles (also steel) for if you don't want to deal with the clutch and stick.   
  
It feels like the wheel is really connected to a set of wheels, as it shakes over bumps, or stiffens up at high speeds.  The wheel resists and turns realistically as you take a hard corner, so you'll have to fight it and counter steer.  So for example, you know when driving you make a turn and let the wheel just straighten itself out in your hands, well that's what is going on here.  But be careful about bumping another car or driving over the rumble strips, because just as your front wheels get hit or turned, your steering wheel does too.
 
Also, just a tip, when you finish plugging everything in... don't do what I did when I picked the wheel up off the table as I booted up the system, and it suddenly started "calibrating" by spinning in my hands, and the clamp things snagged all the cords and twisted everything up!  Anyway, this is my first experience with a racing wheel and I will never play a racing sim on a gamepad or keyboard ever again.  Also getting up from playing GT5 and going for a drive gives you a real lead foot...