Every official iRacing vid I've seen has undrivable wheel lag visible, but I get none really in practice. It's just a function of fps on my system. Turn all the graphics on max, fps goes down, and there's lag. FPS at 100+, and there's not much, at 180 there's none to speak of. At demos they obviously want games to look pretty. My guess. If there's vsyinc on, then it'll always be dreadful in my experience.
The snap of the drift car looked near perfect to me. Best I've seen.