I have it, along with the Xbox wireless FF wheel, and I do think it's quite realistic. The FF doesn't seem canned, but seems like it's simulating steering column torque as in LFS, I think it feels a lot better than GTR or any of the ISI sims personally, you feel a lot more connected to the road, the cars don't seem to float like they do in the ISI sims.
It's not Live for Speed, to be sure, but it ain't bad, I don't even know if it deserves the "semi-sim" title, it seems pretty real to me.