If you are a fan of any open wheel racing, you are going to enjoy the hell out of it.
I can't figure out if it's sim like or arcade like. But it works, some races are exhilarating. Monaco is a tough son of a bitch, but it's fun. My few complaints are similar to what I think of F1 today. Some of the tracks suck, but they suck in real life. Or at least as a spectator.