My patch 1.02 "review":
Bounce issue - problem cars like the works Camaro and the McLaren F1 were "fixed". The tracks weren't changed so the bouncy spots are still there, and although the bouncing is a bit smoother, the cars can still end up bouncing off track in to a wall. Dakota Tri Oval and Rustle Creek still have the same "seam bug" where car body parts snag on some invisble seam in the track, causing the cars to bounce badly, usually slamming into walls.
Handling - Steering sensitivity seems decreased. The hidden traction control is decreased, affecting the works Z06 the most, which now requires more precise throttle inputs if you run all assists off. After adjusting to these changes, my lap times are about the same as before.
Grip - This wasn't changed directly. However the grip level is affected by the players system (fast systems with nvidia cars seem to get the most grip), so if your frame rate was increased by the patch, your grip level may also have increased due to the game's sensitivity to system performance.
Setups - The setup values were tweaked by patch 1.02. Max values are now working, but they also lowered the limits of some settings. The Z06's max downforce was reduced from 60 to 25, so it's not the super high downforce car it was before, good for the short tracks like Alpental and Tokyo Circuit. Tire pressures settings may need to be moved one click left to get them the same as before. The bars in the gear menu are working, but when setting gearing just use the top of the bars (max speed at redline), and space them somewhat evenly. The displayed ratio values are way off in some cases, but the top of the bars seem to be OK. The only car I had that really needed to be regeared was the MX5 I use for 4.0 racing, I had to move 4th, 5th, all the way left, and 6th 1 click from left.
Lambo Murc - it's fixed now so you can tune it. Zonda R is still faster at most tracks, so I'm trying max downforce setting with the Murc as an alternative to the works Z06 for short tracks.
Z06 - I noticed differential settings got changed to 0 0 80, resulting in a very oversteery car. Not knowing what else was glitched by the patch, I reset to default, then retuned the Z06.
Mods - I manually do this myself, using the unpacker, editing files, and then repacking. I remove headshake, and turn off collision and motion blur effects. So I just redid these.
Headshake - bootpersistent\cameras\cameraconfig.xml - parameter HeadPhysicsScale set to (0;0;0) (there are multiple instances of these in cameraconfig.xml).
Collsion Blur - igphaseactivate\cameras\collisionblur.xml - parameter maxblur set to 0.0
MotionBlur (cockpit) - igphaseactivate\cameras\speeddepthoffield.xml - parameter MaxBlur near_low="0.00" near_high="0.0" far="0.0".