i dont have the old wheel, but yes i guess it has a belt inside. and yes i think it still has that 'whining' sound.
this is an expensive wheel, but i tell ya, it really worth the money. but the stick shift use H pattern instead of up/down, it will be even better.
actually...speaking about drifting, why it's harder (more realistic) is because now the wheel really turns 900 degree instead of half circle, just picture...if you are using the old wheel, you hands do not need to leave the wheel for the whole race, but you can't do it here, otherwise you can't turn or counter steer.