I've used it in FM3 a few times, it works well, but honestly I'm faster with a controller. I used to use a wheel in FM2 exclusively but never took the time to get good with it and found that for me the controller worked better.
Here's the thing, if you can mount the wheel to something I'm sure it's much better. Sitting in your lap it sucks (the same would be true with any wheel). I don't really have any tables that are the proper height to clamp it to (it comes with a clamp).
blowfish (GCS), arby (getbush), and Lotheron all use/have previously used the MS wheel at one time or another and all three are are much faster than I. blowfish had one or two of 'em die on him (I had one go bad when I dropped one on the floor and it forever was stuck at full lock right) but I think that Lotheron and arby's haven't given them any issues. Although Loth's is on the way out as he's used it to death.
It's not the same build quality as a Logitech but I really don't like/trust Fanatec (the first batch of 911 Turbo S wheels they shipped out were freaking beta test products without all the features...that's just shady!!). blowfish's Turbo S wheel was knocked on the floor and broke, so I'm not particularly inclined to say it's sturdier than the MS wheel.