The full version of GT5 has been in dev for ages now.. ok, it's not going to be a full on sim, but I think you boys will be suprised at what it is, and how real it feels now.
I managed to get a 2nd PS3 a couple of months ago (off 1day) for $400, so I get a feeling that will be sitting under my desk (as opposed to being upstairs as a media player) and get a fair bit of use with the wheel !!!
Have a look at this Vid (let it load in HD) and tell me you're not impressed !

http://www.youtube.com/watch?v=l2uQ2ayvvWY