Here's my take on the soft physics...
I think a lot of it has to do with how close to the limit you are in the first place. I did a couple of hours last night at KYGPlong in the FZR ... and at first the physics did seem "softer" as if I didn't need to be as accurate when on the limit ... and being able to maintain and recover big drifts more easily etc.
But after updating my set, and then getting my times down by another 3 seconds -- which was the new limit for me and these physics -- I was again having to be super accurate when on the limit.
The thing is the F1 guys are driving so quick (extreme loads through ALL stages of the corner AND perfectly balanced loads front/back ) that having the car step out is usually fatal.
HOWEVER ... I bet if you got them to do some testing, lapping at a slower pace, they would be able to induce and maintain the drifts you are talking about (or at least comparable).
See what you think of the drifting when you've taken your times down by a few seconds and you're really operating at your maximum through all stages of the turn. I think you'll find it starts to feel more real.
Just my thoughts...
Ben
PS. A real life example: I raced GP125's (bikes) when I was in my teens. If you've ever seen GP125's you'll know that they don't lend themselves to drifting (thin tyres, light weight, stiff suspension ... nothing like 500's or superbikes) ... HOWEVER, when I was first learning I got into some BIG front end drifts on a number of occassion. 4th/5th gear ... the type where the bars start to turn to lock for a good few seconds ... really scrubing the front until you wash off enough speed for it to correct.
This had nothing to do with any talent on my part, it was simply that the bike wasn't balanced correctly. So although the front was pushed over the limit, it was done at sub maximum lean angles and with traction to spare at the rear. The result is a drift that I could maintain ... AND on machinery that you would not normally see drifting.
Fact is, as I got quicker and was loading the bike more evenly, with higher speeds and lean angles through all parts of the turn, drifts like that became impossible. At truly maximum loads there's simply no way you can take a big step over the limit without it costing in a big way -- either you spin (or low/high side) or you run so wide you go off, or lose excessive time.
If you're able to maintain the racing line whilst in a drift, it would suggest to me that the car wasn't fully loaded and balanced before you went into the drift.
Some food for thought perhaps