I would strongly suggest checking out Live for Speed ( www.lfs.net )
I have recently pulled the trusty g25 out of the closet and it really fired me up for this again. Personally, I agree with some of the concerns that have been voiced on here. I have done my research, just re-read the GRM article on iRacing and here is my opinion:
I have a hard time swallowing a monthly fee on a game. Never did for WoW and Im still on the fence about iRacing. The fact that each track/car costs additional $ does not help the constant drain on the wallet (however small compared to a weekend of racing!) My solution? Try LFS! You get a free trial, and a one time fee (50$?) unlocks all additional car/tracks forever, with all future updates included. While it is not pro-racer endorsed, I believe it has its advantages...
Realism: I cannot comment on iRacing, but LFS has an extensively detailed and constantly tweaked system. It is really, really hard to set a fast lap. Chances are, much like iRacing, it will take you over a week just to keep up with midpackers and not spin out every other lap. Things like tyre wear, surface conditions, tyre deformation, clutch wear, engine wear, stalling...etc. All present. You cannot tune the engine, but you can adjust final drives, ratios, shocks, breaks... and so on. Im sure you can spend a day setting a car up for your driving style for a particular track. Im going to go ahead and assume that iRacing has taken the realism a step further, just by the technology they use. However, LFS is by no means "just settling"...
Cars: Im going to give this one to LFS. It has no real cars, but yet it does. We are talkin something that looks like a 944/FC Rx7. Both naturally aspirated and turbo variants. You have your light (ala civic/gti), basic front wheel drive econobox. You have locost cars, mid engine turbo kit cars, a la Porsche GT3 cars. All imitations but in the same spirit. And then you have stripped racing versions of half of these. Sequential and all. iRacing has race cars, great, but not something you can relate to if you were not raised on a go kart since 12.
Tracks: Real, GPS cloud mapping... iRacing hands down. Its a bummer you have to pay for each track though. LFS has no real tracks, but it does have great ones. Multiple configurations, dirt tracks and even allows you to build your own autocross courses! Big bonus!
Community: iRacing is a baby. But more serious and caters only to serious enthusiasts. I really like the penalty and name system. Takes out the ankle biters with moms credit card (mostly!). On the other hand, LFS is more established and has been around for longer. Many great teams, tracks. You can find the right people, its just not enforced as much. And when you want to cut loose, its not a problem, there is drifting and all!
Conclusion: iRacing is a serious gig. Its a full driver training tool. Considering the investments and technology involved, I understand the pricing. However, LFS is a great compromise. If I want to practice "real" tracks, I have Forza 2, not the same, but for a smaller budget it works. Dont forget, LFS has a total of 3 guys working on it. That is all. Very grassroots, simple and has come a long way.
The Verdict~
If iRacing is Motec, then Live for Speed is Megasquirt. Cheaper, not as serious, just as fun, and 80% of the function.
How many miatas run motec
?