For me a real simulation would emulate the environment of a race, and the aerodynamic / grip debate is a key case in point.
I realise I am in the minority around here with this view, but to me racing is about dog fighting and not lap times. I am therefor more interested in the simulation of a race than I am the simulation of a car.
If you go and watch real club/national level motor sports and watch some downforce cars racing you will notice a strange trait: The cars tend to be spaced apart by a fairly equal amount. Over the course of a race a few small gaps will emerge and the cars may break away from each other, but many will remain in 1 or 2 chasing groups and all the cars in those groups will maintain a fairly even split.
I've watched a lot of club and national level racing, and this trait is fairly common in downforce races.
In LFS any race involving cars with downforce will instantly begin to spread out.
This is partly due to a wider skill gap, but mostly it is because the aerodynamics are wrong. Following cars is too easy in corners, so overtaking is relatively easier, allowing faster drivers to pass and get clear of inexperienced drivers much easier than in real racing.
The feel of the cars in LFS isn't bad. If LFS' physics were perfect (which is Scawens current mission) then the physics would still not be the real thing, and much like the physics now - would feel "not bad".
So in my mind the real error in LFS' physics is that the final result, whilst it is "not bad", does not emulate a race.
Most of the cars in LFS I will never race for real anyway, I am therefor not too worried if the cars are perfect or just "reasonably good" in terms of their physics, instead I would rather be reacting to changes to air and track temperature and other dynamic elements of the race track which no sim yet bothers to simulate - and I would rather the physics allowed for the skills differential between gamers and created a final product which was more akin to real racing - whilst still keeping the physics feeling "more or less ok".
I am passionate about motor racing, and passion is only 1% reason. Car physics is "reason".