i know these guys through their sister and think i am going to have to give it a try in the near future
I'm more along the lines of EA Sports F1 series. The most recent iteration being F1 Challange (with stock '99 - '02 seasons). However, either F1 2002 or F1C are modifiable to grimace proportions. Granted there were some significant issues with regards to F1 2002, they are resolvable through hacking the config files.
I'm unclear about F1C, but the former's physics engine resolution in F1 2002 is 400 Hz (in super-mode or whatever its called). And from what I understand a lot of problems were resolved and enhancements made in the F1C release. In any case, anybody having merely a rudimentary comprehension of undergraduate study in vehicle dynamics can tweak either to a highly sophisticated degree.
As is vehicle set-up is a quite daunting task. The configuration options available - let alone modding the config files used by the physics engine - are mind boggeling. The combinatorial permutative numbers are virtually unlimited, e.g., gear ratios, ride height, wing settings, fuel load, tire compounds, spring / shock / damper rates, single / double or triple suspension, tire pressure, alignment, etc. etc. etc.
In one of the 3rd-party set-up manuals I have, one big-shot F1 jockey said something to the affect, the thing that distinguishes a truly remarkable driver from also-rans is the driver that understands the intracacies and nuances of vehicle set-up. The driver has to know WHY the rear end is loose, or the car is tight, and what affect changes to suspension stiffness or torsion (or any other number of factors either alone, or in concert), will have on handling. No two drivers will be able to drive the same set-up in the same way; the driver has to know how to dial their car in for the way they drive in the conditions they're in.
One thing that I can most whole-heartedly recommend, anybody wanting that 3rd dimension into F1 racing should immerse themselves in EA's F1 series. Forget the physics engine, the visual fidelity alone is breath taking (and I'm speaking from a GeForce 2 GTS gfx card on a PIII 800 O/C'd to 920 perspective. That was sufficient for me to run laps with one car. A modern gaming rig should be jaw dropping. You won't know what I'm talking about until you've actually been in game-cockpit and compare that experience with on-board video that is broadcast during the F1 races. In either case, the only thing missing are the G forces kicking you around.
Think about it: in the above screenshot I'm doing 105 MPH at that precise instand, but that's decelerating out of 200 MPH some 50 or so meters prior, then the 90o turn to the left, with hard right 90o to the right with an exit velocity of about 60 MPH or so (all within three seconds) and then full mash down on the throttle unleashing 900 ponies on a 550 kg vehicle is a fun ride to say the least. If the vehicle set-up is wrong in the least amount forget taking those chicanes in the shortest distance available.
Heck, the first thing one has to get straight is handling the initial decel without the engine torque whiping the rear-end out from behind oneself (forget about roll torsion and combined fast and slow compression and rebounding to handle the chicanes), or entry / exit strategy / tactics.
Fun, fun, fun, and like ya said: very addictive to suck up every 'free waking moment' However, the feeling one gets after walking away from the cockpit is a bit disorienting at first; sometimes I feel like I'm still in the cockpit.