Here is a link to the post: amar212 seems to have a lot of praise for FM4 until you get to the bottom of it, which mentions all the flaws in FM3 that put me off playing FM3 as a sim and thinking about getting a wheel for it.
https://www.gtplanet.net/forum/showthread.php?p=5960058#post5960058
I think it depends on driving style and positioning of car. I said the Cadillac has a very neutral handling and JJ72 mentioned afterwards it is very well balanced and he is using a wheel and you are calling it a drifter. Amazing the different experiences people have. I can understand what you mean though, if I change my driving style in the game but if I drive the same way I do in GT5 and other PC sims it can feel very arcadey for me. I'm not expecting to drive on ice but expecting the car to be able to lose a car driving recklessly while correcting it when getting badly out of shape. Some people think GT5 is like driving on ice driving the comfort tyres while I find them very good and realistic. Require progressive throttle, smooth driving and then the car is as stable as it should be.
Here is an example of the same person driving Forza 4 and also driving in GT5 with Comfort Medium tyres.
FM4 with a wheel a few minutes into the video.
http://www.youtube.com/watch?v=09mNEOyYcdo
GT5 with TCS.
http://www.youtube.com/watch?v=WBv03VsAL-o
Same event, very good driver with no TCS.
http://www.youtube.com/watch?v=yrNEp-JO3ys
Like in real life, the same driver can look amazing driving a car with aids, once they are turned off, a driver can look pretty bad by spinning out. FM4 driving with no aids is quite straight forward and can make you look like a pro, main reason is due to it being hard to lose the car even if you have bad throttle control. The game also is constantly correcting the car for you.
No hot-swapping though and the ClubSport has the new BMW wheel revealed today which has a real race car wheel design but that should be made available also for the Elite.
Thanks for the wheel comparison.