My two cents: visual and force feedback are very subjective.
I love LFS, but have to admit: after playing a while with iracing I find it more realistic AND feedback suits me better (with some tweak of course, but I've been tweaking LFS for a long time now .
The way you can "feel" and see the track in iracing is indeed a good job. Comparing to that LFS tracks are bit flat, sorry to say.
We are all waiting for new LFS version, meanwhile it might be worthy to check out some other software that is modern and more "up to date". I have done so, and despite of being expensive, iracing simply seems to be better. But again, that's all subjective...
I hope you don't mind I'm not following "I curse you, iracing" trend here
well I have to bump this one up, because I think it's valuable. You don't have to jump out of the LFS to match the wheel degree at all. LFS got it inside already. Just set wheel compensation to 1 and you're done. However I couldn't figure that out by myself...
I believe that actual final effect strongly depends on what gfx card you use. I use Nvidia, so don't know about ATI, sorry.
It takes a while to got nice, dynamic graphics effects without spoiling the gameplay - which LFS is all about.
Usually I use settings below, it behaves pretty awesome on my card, but I can't guarantee it works on yours
Also keep in mind, that I had to lower some graphics settings in LFS: screen resolution&anti-alias. On the other hand: full details, shadows, sky etc. Close to photo-real, I've got strongest in-the-game feeling ever
After some twaking I believe LFS looks better (and of course simulates better already) than any simracing/simgame so far.
I've tried to capture how it looks on my screen, but for some reason not all effects are visible (I'm using fraps trial version). DOF is not visible at all, but despite that I've put video on youtube, HERE, HERE, HERE. And HERE Hope you like it!
Edit: I've managed to get higher fps, still with superior quality: example HERE still 100% as original, but close.