It's mostly the force feedback. It gives me the first cues about the ingame physics without making an extensive analysis. For example the wheel going 100% limp on understeer is a good indicator that the devs have a wrong idea about tyre grip over the limit, even though it's possible the effect could be hardcoded and not physics driven. However, even that tells me a lot about how the physics were approached. Chances are most devs try to generate the FF purely from the physics at first (it would be the least amount of work needed to get FF working), but the presence of hardcoded effects is a good way to tell that this approach obviously didn't work satisfactory, whatever the reasons might be.
The next point to try is to drift the car in a controlled fashion. If it stays glued to the road or spins around right away you can be pretty sure the sim is rubbish. Same is true when you need to use a weird driving technique that exploits physics glitches to make it look like you're drifting, or when you need a million tries to juuuust get it right one time.
These two points are for me the basic tests a sim needs to pass before I even consider deeper analysis and testing of the physics. If you have a brilliant physics engine but crap FF, then it's just as worthless as having extremely well faked FF on a NFS-like physics engine.
Does that mean LFS is the holy grail of physics? No. LFS has several flaws - some directly related to the tyres, others caused by not yet implemented/completed features. But you actually have to dig very deep to get to these issues, and LFS just gets so many more things just right. What's probably missing the most are some immersion creating tidbits that make you actually feel like you're sitting in a mechanical potpourri of metal, screws, rubber, oil, gas, etc. - LFS has a rather sterile feeling whereas netKar seems to be much better in that aspect.