To be honest, I'm 50/50 about this one. I've always loved the CM games, even if, as Dan said, they're not realistic, they can be fun. I rented out grid a few months ago and it wasn't realistic but it was fun.
I'll always prefer sims over arcade racers but at the end of the day, if CM doesn't make it realistic, there is always someone else who can do it right (modding community) and hate me all you want but I quite liked the 2007 F1 mod (last one I played before being computerless) for rFactor. Physics were good. And as for rally games, RBR is the daddy easily and there is the RSRBR 09 mod which I believe has the 08 cars and (maybe, can't remember) 09 cars.
With modding, there are always those like us, who are purely striving to make/find the perfect sim without any business strings attached to ruin it.
The Wii is built for 6 year olds, why would you expect the game to be remotely good or realistic? Just watch any Zero Punctuation review of a Wii game and it will sum up the Wii perfectly, here is an example...
F1 is mainly about business which will imo prove all F1 games. Must be easy playable, good lookin' and on the other hand must impress with awesome simulation mode when you set your physics to hard so you can even spin! oh god.