Quote from Jianju :

This is the issue I've been searching for. Just how close to the real thing is LFS on an FD-301? Is it useful training for the real thing, or will it give you bad habits? I'll readily admit, I'm not here for playing games. I want to build a system that will allow me to push myself beyond the limit without breaking my neck and/or trashing a $60K+ sportscar.

But not to derail this thread... I'll start a new one, I suppose...

You can get all kinds of fancy gizmos for your computer and it still won't be the "real" thing. Are simulators useful for honing your skills? Definitely. They "simulate" the "real" thing, that's why they're called simulators. I'm all out for real and simulated racing, don't take me wrong. It's pretty common for real racers to use simulators to get ready for their next event also. I play every chance I get. LFS recreates alot of realism, but it is lacking in some areas (downforce, damage, etc). There's bunch of games that get close to the real thing (GT, Forza, Enthusia, etc..), but they're always missing some kind of a detail that'd put them on top. And the actual "realism" of having your butt strapped to the car
If you don't wanna spend much and still wanna try racing, check out SCCA's or NASA's programs. Autocross, for example, is a very cheap way to test your limits and not break your neck. Time trials aren't too expensive either.