You have to understand one thing: The main points of LfS aren't the content like RL cars or tracks, nor fancy graphics with millions of shaders, but the way it's developed and physics...
So, how is LfS developed? First, the alpha tag strictly means that not all features are fully or at all implemented... So yes, we may have to wait some time, but in the end, we might get a surprise in form of a new feature as well... It also means that we as a community can have an effect on how something is developed or features are implemented by popular demand (hi-res skin downloads for example)...
As for the physics, LfS has tire deformation and calculates the traction in real time, rather than reads it out of an excel-sheet, which you can see in the forces view (f) and in the suspension view (shift + k)... It also doesn't rely on canned effects, but calculates the forces acting on the steering and sends it to the wheel... In terms of physics, LfS seems to be superior to the ISI-based sims...
If you're looking for something like I described, you'll have fun with LfS for years...