One concern I have with F1 cars in online racing is that the amazing acceleration, braking and direction change causes problems even with small amounts of lag.
I've seen this in rF, where due to lag and the prediction used to best guess the competitor's behaviour, you see absurdly quick direction change, artificially reduced braking distances and floating cars (mostly on downhill sections). This seems to be where the 'real' rate of direction change was too quick for the predictive methods to cope with.
Also close racing was impossible on road courses due to the lag when the guy in front brakes. For a split second the car in front appears to be still accelerating and then it suddenly stops dead. Definitely a problem if the guy in front brakes earlier than expected, either because of them being a novice, braking for other cars themselves or just slight differences in driving style.
The netcode in LFS may be better (it's better in most other areas
) but I can still see it being a problem with cars with the performance of an F1 car. Even with the F08 I've only had good racing on the ovals where it's all about drafting. On the road courses it's had limited appeal for practice laps, but I've never got to the point where I've had a good race against other racers.
I'd much rather see F1-style cars from an era before the insane levels of downforce. Something with reasonable power but the grip and brakes are not too much for the netcode to handle.