Hate? Someone must have very little problems in life that they can spend time hating a piece of software. But thinking it's crap? Hell yes I do. Maybe not crap as a game, but surely as a simulator and modding platform.
First of all, the physics over the grip limit are beyond 'lacking', and considering that racing fast is a constant effort on staying as close as possible to the limit, you're bound to go over it quite often. That however means, that you encounter these cringe worthy flaws on a regular basis, which is already enough to put me off. Looking at the fact that many people have tried to get the cars to work correctly over the limit, but none of them succeeded yet (as far as I can tell), doesn't exactly make the situation look any better. So much to being fully moddable.
Speaking of that, it seems to be less of an actual modding platform, rather it looks like an unfinished game without any effort to lock/encrypt the game content. Left out in the open to be rescued by the modders so to say. A worthy modding platform would not only have made sure to provide a usable solution to the version mismatch dilemma, but also to actually document the files in such a fashion that modders don't have to take wild guesses and get things to work by trial and error. Whatever talent some of the modders might have, it is IMO wasted by the inevitable crap physics that come with every mod. I'm not saying that every modder should be a physics expert - on the contrary, they shouldn't even have to care about tyre physics. Instead they should slap on tyres of type XY on the car and it should simply work in a believable way. I just can't see that happening for any game that is based on the ISI engine.