A few years ago I spent about £500 on the Fanatec Forza Motorsport wheel, stand, pedals and shifter, all hooked up to my 360 and pc which were connected to a 1080p projector. It was bliss, for a while.
I couldn't really have it set up permanently because that sort of setup takes up a lot of space and when I did use it, it was super tiring especially after a long session, so more often than not it sat at the end of my bed and became a very expensive coat stand. I ended up going back to the pad and found I had just as much enjoyment.
Sure I wasn't playing a lot of PC sims but in the end it just wasn't worth the hassle. Sold it to a friend and didn't really miss it. I borrowed a friends logitech wheel recently play Project Cars and Dirt Rally in VR but again, it sat under my desk for the majority of the time I had it. Wouldn't buy another unless I had space to have it set up permanently and I lived in racing sims.