I bought this wheel after christmas. My previous wheel was Logitech Formula Force GP wheel:
About 270 degrees lock and all plastic construction. Pedals are simple 2 pot throttle and brake.
So I knew that there was going to be a significant difference but I wasn't really prepared for the difference. For one the T500 is huge, my normal seat position meant I was now staring at the wheel and could barely see the screen. After adjusting my seat, reading some setup tips I fired up trusty LFS and calibrated the wheel. Jumped in the LX6 and went for a drive. Frustratingly I crashed far far more than I would have with my old wheel. The brake was hard to gauge, having to use a clutch and gear stick was harder than I expected while lapping and the force feedback was so strong every turn was real effort and any kerb or collision knocked everything off my desk.
I fired up netkar pro to the same effect. Crashed lots, difficult to steer etc. Finally I tried iRacing, the reason I decided to change wheel in the first place and while it was better (I read more about FFB setup) I was still performing far worse than normal.
Beginning to think I'd made a mistake I fired up Raceroom Experience, in the Saleen and for the first time using the paddles to shift. Finally I found what I was looking for, fast accurate steering, strong FFB and starting to get a feel for the brake but it wasn't perfect I was still having issues with the pedals and feel from the wheel.
After much reading it seems that some sims require you to set the FFB force per car in game to get the actual feel right. I switched the pedals to GT style and installed the brake mod. I also moved the pedals about so the brake and throttle were better aligned for heel toe action. Having secured things on my desk I went through the process again.
The experience was what I'd been hoping for. Throttle and brake accuracy were easier to judge, steering was so much more precise and making accurate shifts feels good. I fired up pCARS and tried the Caterham 500 at Brands Hatch. Where before I'd catch slides with ease with my paltry 270 degree lock I was now able to feed the correct steering to not develop the slide and control it better on throttle when it did break loose. The speed and savageness of the wheel takes some getting used to but when you treat it like a car and not a game it rewards you.
Sadly it does leave you feeling like you want more. I originally thought that getting this wheel would satiate my sim driving requirements but all it has done is ignite them. I now want the loadcell mod, a cockpit, triple screen (or the Occulus Crystal Cove), buttkickers THE WORKS!
I can't say this wheel is better than the G25/27 or even the DFGT. I think it depends where you are coming from. I had a wheel that any new wheel would have been such an improvement to it would have been a great experience. The reason I went with the T500 was because it had a few more customisation options and had stronger FFB. The logitech wheels have better latency and are cheaper. If I'd had the money I'd have got the Fanatec CSR or a Frex but I didn't. I am now wondering if getting the Fanatec would be better than getting triple screen + butt kickers with my existing wheel. It seems to me that it works much the same as PC upgrades. The more you pay the better the product but the reward you get doesn't always track the same way. I doubt the CSR would double my enjoyment any more than I doubt the DFGT would half my enjoyment of racing.
My advice to anyone on a budget is to look at the complete sim setup they have and budget for that, not just the wheel. I budgeted for the wheel but I think that right now, from the setup I had, I'd have been better off getting the DFGT and triple screens, it would have given me the perspective and the massive boost in accuracy I was looking for. However now that I've got the T500 I now see that I want the full experience to match it and I don't have the money to upgrade anything else for a while.