I play RACE07, I organise leagues with touring cars mainly too (using STCC addon). The best online racing is usually found within teams and communities. Indeed the community I organise leagues for is just coming towards the end of a BTCC inspired league, using their tracks, points system and my own ballast and race format. So far with a full sign up of 25 drivers + 5 reserve drivers we've had 1 complaint from 16 races, and that was track cutting which wasn't severe enough for any penalties, just a warning.
Also there's 10 points covering the top 3 places in the championship (before drop scores), so it's a close run thing too!
Edit: I'm quite a fan of it as you may have guessed, the racing is close, and very good fun when the majority of the drivers are on ventrilo too (everyone is told to keep quiet in races!). Public servers are a bit of a nightmare, but locked community servers are the place to be.