Not meaning to boast or anything :P I've been a member of our Formula Student team at Uni for 2 years now, and as I'm playing a more active role this year, got a chance to drive one of the cars today. Took it to Bruntingthorpe and despite almost boiling our engine due to a fan problem (don't ask!) I got 5 laps round the kart circuit there which was fun.
Very different kettle of fish to a kart (closest thing I can compare it to being a kart racer myself :P). Power delivery is a lot more meaty and where a kart would normally be topping out the thing was just getting going. Obviously suspension makes a difference too. Very composed over the kerbs (you can see me testing them out there ) and it's interesting to get used the sensation of dive and squat. Generally I was very impressed though
As I'm sure you'll be bursting to know.......yes...lfs does indeed compare pretty well. The only thing I would say is that the FSAE car in the game has a hell of a lot more rear end grip than the real thing, but otherwise it seems pretty close. The way it turns in is very similar and the way it will power understeer is also very similar. I just wish our car ran as smoothly as the one in the game!