I haven't competed in an official race in a few years, but I've been on iRacing since 2008. Changes to the tire model made a mess of the Corvette for me, and I really preferred running in a single class series rather than multi-class where you are really only racing against a small number of people despite the large numbers of cars on the track. I feel like leagues contributed in further watering down the numbers in official series as well.
I keep trying out the new cars as they come out, still considering running in a GT3 series, where there will be a variety of cars but all running the same class. Also REALLY like the new Nissan GTP ZX Turbo, as that's a car I got to see racing back in the 80s. It looks, sounds, and drives amazingly. The huge time-suck of getting back up to a pace commensurate with my rating keeps me away, though.
I used to be a Gran Turismo fan, but after trying GTR2, I never went back to anything on the consoles. The sounds were always terrible, the physics were much more geared to the arcade crowd, and the supported hardware was both lacking and "exclusive", with each of the consoles only supporting their favored wheel. The biggest thing the consoles lack is the multiscreen support, as once you drive with a panoramic three screen view, where you can actually turn your head to see your apex and track out in that hairpin turn, it is hard to go back to a single screen. That's really the nail in the coffin for the console sims, IMO. Eventually, when they get powerful enough to run a VR setup effectively, this limitation will go away. I am actually considering a Vive for iRacing, but after trying one out, I'm not convinced that I like the resolution it runs at, and even today's best graphics hardware isn't capable of pushing any more than what they are using anyway.
My setup is one I built myself, using a G25 wheel that I've had since they were first introduced, and a set of CST pedals (before he went AWOL). Computer was bleeding-edge in 2010, with a Corei7 980x CPU, three Dell U2410 monitors, and recently upgraded to 24GB of RAM and a GTX1080 video card (from a pair of GTX480s). It pulls 200-300fps most of the time at 5760x1200 resolution, even at big tracks like Nurburgring Nordschleife with crazy far view distances (There is always "pop-up" going on with the consoles as it only renders objects as they get close - this is not the case on a powerful PC).
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