I gave it another try. To my disbelief there doesn't seem to have been a single physics update in the past 2.5 years!
The rear wheel drive skip barber formula car still encourages flooring the throttle as a remedy to oversteer. Yeah right, that's realistic, a car made for beginner pay drivers behaves as if it were trying to kill you...
Then there are still the ridiculous x1 penalties whenever you dare to put a wheel on the grass, even if you are still able to keep the throttle planted without problems.
On a positive note the graphics and performance have made a nice improvement.
A few questions for the iRacing regulars:
I'm still interested in the Formula Mazda, Spa and Brands. If I shell out for them, will I be able to drive them in competition? As far as I can tell iRacing still dictates which cars are driven where and when. Which means that there is no Formula Mazda on either Spa or Brands. Or are there free servers somewhere where people can drive on any combo they want, LFS style?