Yes, physics bad.
But they are getting better (although the current focus isn't physics, which I find odd, but I guess the other stuff has to be done at some point). So I do see potential, and they admit that it's missing a lot of stuff...
But I do worry that they can adjust individual cars, and individual parameters of said car. A real simulator should, in my opinion, use a universal set of physics (even if each car has different tyres, with different constructions/compounds), so that a flaw in one car is a problem with the car, and a flaw with all cars is a problem with the tyre model. Like LFS and nKP. iRacing, rF and CARS all seem to use the shitty, hacky method of pretending to be a simulator.
I just hope CARS improves that aspect over time........
nKP at Spa (for example, as that's what I'm playing these days) is still the most realistic single-seater home simulation of the circuit of ANY sim so far.